GBP/USD Daily Analysis
Intraday bias in GBP/USD remains neutral and further decline is expected with 1.3165 resistance intact. On the downside, the break will resume a larger downtrend from 1.4248. The next target is a 61.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2900. On the upside, a firm break of 1.3165 will confirm short-term bottoming, and turn bias back to the upside for 1.3297 resistance and above.
In a bigger picture, the rise from 1.1409 (2020 low) has completed at 1.4248. The decline from 1.4248 could still be a corrective move, or it could be the start of a long-term downtrend. In either case, a deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, the break of 1.3748 resistance is needed to confirm the completion of the fall from 1.4248, or the outlook will stay bearish.
