GBP/USD Daily Analysis
Intraday bias in GBP/USD is turned neutral with the current recovery. On the downside, the break of 1.1991 will resume the fall from 1.2445 to EMA (now at 1.1915). The firm break will target a 38.2% retracement of 1.0351 to 1.2445 at 1.1645. The break of 1.2240 minor resistance on the upside will turn bias back to the upside for retesting 1.2445 instead.
In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the downtrend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. The next target is a 61.8% retracement of 1.4248 to 1.0351 at 1.2759. A sustained break there will pave the way back to 1.4248. This will remain the favored case as long as the 55-day EMA (now at 1.1915) holds.