GBP/USD Daily Analysis
Intraday bias in GBP/USD remains neutral as it’s still bounded in the range of 1.2002/2292. On the downside, the break of 1.2002 minor support will argue that a rebound from 1.1759 has been completed, after rejection by 55-day EMA. Intraday bias will be back on the downside for retesting the 1.1759 low first. Break there will resume larger down trend. On the upside, above 1.2922 will resume the rebound from 1.1759 towards 1.2666 resistance.
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 1.2666 resistance holds. The next target is 1.1409 low. However, a firm break of 1.2666 will bring a stronger rise back to 55 weeks EMA (now at 1.2897).