Further rise could still be seen in GBP/USD with 1.5343 minor support intact. But again, we'd continue to expect strong resistance below 1.5751 to complete the rebound from 1.4813 and bring reversal. Overall, we'd expect fall from 1.6380 to resume later. Below 1.5263 minor support will turn bias back to the downside for retesting 1.4813 first.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161 and could have completed as a triangle pattern at 1.6380. We're still preferring this view for the moment. Focus is on 1.4229 support and sustained break there should bring long term down trend resumption for a new low below 1.3503. However, strong rebound from or above 1.4229 will indicate that the whole pattern from 1.3503 is still in progress.
IMOH, Clement I.
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