GBP/USD Daily Analysis
Intraday bias in GBP/USD remains on the downside at this point. The current downtrend should target 1.1409 long-term support. On the upside, above 1.1759 minor resistance will turn intraday bias neutral for consolidations. But the outlook will stay bearish as long as the 1.2292 resistance holds, in case of recovery.
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).
