GBP/USD Daily Analysis
Intraday bias in GBP/USD stays mildly on the downside at this point. The current downtrend should target a 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671. The break could prompt further downside acceleration to 161.8% projection at 1.1217. On the upside, the break of 1.2164 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as the 1.2405 resistance holds.
In the bigger picture, a fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low) or resuming the longer-term downtrend. A deeper decline is expected as long as the 1.2666 resistance holds. The next target is 1.1409 low. However, a firm break of 1.2666 will bring a stronger rise back to 55 weeks EMA (now at 1.3103).
