GBP/USD Daily Analysis
Intraday bias in GBP/USD remains neutral as consolidation from 1.2259 is extending. Some more consolidations could be seen but the upside of recovery should be limited by 1.2637 resistance to bring fall resumption. On the downside, a firm break of 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258 will extend the recent downtrend to 200% projection at 1.2013 next.
In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) at least at the same degree as the rise form 1.1409 (2020 low). That is, a fall from 1.4248 could be a leg inside the pattern from 1.1409, or resuming the longer-term downtrend. In either case, a deeper decline is expected as long as 1.2999 support turned resistance holds. Next target is 1.1409 low.
