GBP/USD Daily Analysis
The immediate focus is on 1.1494 in GBP/USD. Break there will resume the rise from 1.0351 to 61.8% projection of 1.0351 to 1.1494 from 1.0922 at 1.1628. Further break there will pave the way to 100% projection at 1.2065. In any case, the further rally will remain in favor as long as 1.022 support holds.
In the bigger picture, a fall from 1.4248 (2018 high) is part of the long-term downtrend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, a firm break of 1.1759 will confirm medium-term bottoming, and open up a stronger rise back to the 55-week EMA (now at 1.2389).
