GBP/USD Daily Analysis
Intraday bias in GBP/USD stays neutral and consolidation from 1.1716 is extending. The upside of recovery should be limited by 1.2002 support turned resistance to bring another fall. A break of 1.1716 will resume a larger downtrend to 1.1409 long-term support.
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 1.2292 resistance holds. The next target is 1.1409 low. However, a firm break of 1.2292 will bring a stronger rise back to 55 weeks EMA (now at 1.2859).
