GBP/USD Daily Analysis
GBP/USD is staying in consolidation from 1.1664 and intraday bias remains neutral for the moment. With 1.1256 minor support intact, further rally is expected. On the upside, the break of 1.1644 will resume a rise from 1.0351 to a 100% projection of 1.0351 to 1.1494 from 1.0922 at 1.2065. However, the break of 1.1256 will turn the bias back to the downside for 1.0922 support and below.
In the bigger picture, a fall from 1.4248 (2018 high) is part of the long-term downtrend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, a firm break of 1.1759 will confirm medium-term bottoming, and open up a stronger rise back to 55 weeks EMA (now at 1.2392).
