GBP/USD Daily Analysis
Intraday bias in GBP/USD remains neutral for the moment. On the upside, a firm break of 1.2055 minor resistance will confirm a short-term bottoming at 1.1759. Bias will be turned back to the upside for 1.2405 resistance next. On the downside, the break of 1.1759 will resume a larger downtrend.
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 1.2986).