GBP/USD Daily Analysis
GBP/USD’s decline resumed after a brief recovery and intraday bias is back on the downside. The current downtrend should target a 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. On the upside, above 1.1363 minor resistance will turn intraday bias neutral again. But the upside of recovery should be limited below 1.1737 resistance.
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.