Daily Pivots: (S1) 1.6287; (P) 1.6376; (R1) 1.6421; More...
GBP/USD's fall extends to as low as 1.6286 so far and intraday bias remains on the downside. Current decline from 1.7190 should target 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282). Some support could be seen there to bring recovery. And above 1.6439 minor resistance will turn bias neutral first. Though, sustained break of 1.6251 will target 50% retracement at 1.6002.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. The current development, with medium term top formed at 1.7190, argues that such consolidation is possibly completed, just below 50% retracement from 2.1161 to 1.3503 at 1.7332. The firm break of 55 weeks EMA affirmed this bearish case and GBP/USD is now heading back to 1.4813 key support level.
GBP/USD's fall extends to as low as 1.6286 so far and intraday bias remains on the downside. Current decline from 1.7190 should target 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282). Some support could be seen there to bring recovery. And above 1.6439 minor resistance will turn bias neutral first. Though, sustained break of 1.6251 will target 50% retracement at 1.6002.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. The current development, with medium term top formed at 1.7190, argues that such consolidation is possibly completed, just below 50% retracement from 2.1161 to 1.3503 at 1.7332. The firm break of 55 weeks EMA affirmed this bearish case and GBP/USD is now heading back to 1.4813 key support level.
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