GBP/USD Daily Analysis
GBP/USD’s decline continues today and reached as long as 1.0351. Intraday bias stays on the downside but some support could be seen from a 100% projection of 1.3748 to 1.1759 from 1.2292 at 1.0303 to bring a rebound. On the upside, the break of 1.0844 minor resistance will turn intraday bias neutral first. However, a sustained break of 1.0303 will target parity next.
In the bigger picture, the fall from 1.4248 (2018 high) is resuming a long-term downtrend from 2.1161 (2007 high). The next target is a 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope for a medium-term rebound as long as 1.1759 support turned resistance holds.
