GBP/USD Daily Analysis
Intraday bias in GBP/USD is turned neutral with the current recovery. But a break of 1.1737 resistance is needed to indicate short-term bottoming. Otherwise, the outlook stays bearish. On the downside, the break of 1.1349 will resume a larger downtrend to a 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063.
In the bigger picture, based on current momentum, a fall from 1.4248 (2018 high) is probably resuming a long-term downtrend from 2.1161 (2007 high). A sustained break of 1.1409 will target a 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as the 1.2292 resistance holds.