GBP/USD Daily Analysis
A temporary low is formed at 1.1932, after hitting a 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960. Intraday bias in GBP/USD is turned neutral first. But outlook will stay bearish as long as the 1.2666 resistance holds. A sustained break of 1.1932/600 will target a 100% projection at 1.1523 next.
In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer-term down trend. A deeper decline is expected as long as the 1.2666 resistance holds. On resumption, the next target is 1.1409 low.
