Daily Pivots: (S1) 1.6317; (P) 1.6380; (R1) 1.6417;
Intraday bias in GBP/USD remains neutral for more consolidations below 1.6442 temporary top. Above 1.6442 will bring another rally towards 61.8% projection of 1.4813 to 1.6259 from 1.5853 at 1.6747, which is close to 1.6476 next medium term resistance. Below 1.6314 minor support will bring deeper pull back. But downside should be contained above 55 days EMA (now at 1.604) and bring anther rally.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Current development suggests that it's still in progress with rise from 1.4813 as the third leg. rally from there would target 1.7043 resistance and above. But we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal.
Intraday bias in GBP/USD remains neutral for more consolidations below 1.6442 temporary top. Above 1.6442 will bring another rally towards 61.8% projection of 1.4813 to 1.6259 from 1.5853 at 1.6747, which is close to 1.6476 next medium term resistance. Below 1.6314 minor support will bring deeper pull back. But downside should be contained above 55 days EMA (now at 1.604) and bring anther rally.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Current development suggests that it's still in progress with rise from 1.4813 as the third leg. rally from there would target 1.7043 resistance and above. But we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal.
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