GBP/USD Daily Analysis
Range trading continues in GBP/USD and intraday bias remains neutral first. On the downside, the break of 1.2429 support suggests that a rebound from 1.2154 has been completed. Intraday bias will be back on the downside for resting this low. On the upside, above 1.2666 will target 55 day EMA (now at 1.2698) and above.
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 1.2999 support turned resistance holds. On resumption, the next target is 1.1409 low.
