Daily Pivots: (S1) 1.6969; (P) 1.6984; (R1) 1.6998; More...
Focus remains on 1.6952 support in GBP/USD. Decisive break there will argue that 1.7190 was already the medium term top and will target 1.6692 key support level. However, the pair is staying inside medium term rising channel. We wont' jump into conclusion of trend reversal yet even though dollar does look strong elsewhere. Rebound from current level, followed by break of 1.7058 resistance will turn bias back to the upside for 1.7190 resistance and above.
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.
Focus remains on 1.6952 support in GBP/USD. Decisive break there will argue that 1.7190 was already the medium term top and will target 1.6692 key support level. However, the pair is staying inside medium term rising channel. We wont' jump into conclusion of trend reversal yet even though dollar does look strong elsewhere. Rebound from current level, followed by break of 1.7058 resistance will turn bias back to the upside for 1.7190 resistance and above.
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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