GBP/USD Daily Analysis
Currently, the intraday bias in GBP/USD remains neutral. Another fall is expected while the 1.2146 resistance level remains intact. If the 1.1914 level is broken, it will resume the decline from 1.2446, targeting the 1.1840 support level or possibly lower. However, if the 1.2146 resistance is broken, it will turn the bias back to the upside for further rebound towards 1.2269 and beyond.
Looking at the bigger picture, as long as the 1.1840 support holds, the rise from the medium-term bottom of 1.0351 (2022 low) should continue to the 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. However, a decisive break of 1.1840 will complete a double top pattern (1.2445, 1.2446) after being rejected by the 55-week EMA (now at 1.2251), and a deeper decline should be seen back to the 38.2% retracement of 1.0351 to 1.2445 at 1.1645.
