Daily Pivots: (S1) 1.7013; (P) 1.7053; (R1) 1.7084; More...
Intraday bias in GBP/USD remains on the downside and the correction from 1.7190 should extend lower for 55 days EMA (now at 1.6974). At this point, there is no clear sign of trend reversal yet. Hence, we'd expect 1.6952 support to contain downside and bring rebound. On the upside, above 1.7099 minor resistance will turn bias back to the upside for retesting 1.7190 resistance.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Based on unconvincing medium term momentum, we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal. Sustained break of 1.6692 will indicate medium term reversal and would turn outlook bearish for 1.4813 support.
Intraday bias in GBP/USD remains on the downside and the correction from 1.7190 should extend lower for 55 days EMA (now at 1.6974). At this point, there is no clear sign of trend reversal yet. Hence, we'd expect 1.6952 support to contain downside and bring rebound. On the upside, above 1.7099 minor resistance will turn bias back to the upside for retesting 1.7190 resistance.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Based on unconvincing medium term momentum, we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal. Sustained break of 1.6692 will indicate medium term reversal and would turn outlook bearish for 1.4813 support.
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