Daily Pivots: (S1) 1.5213; (P) 1.5277; (R1) 1.5392; More...
Intraday bias in GBP/USD remains on the upside and the rebound from 1.4950 would extend higher to 55 days EMA (now at 1.5400) and above. Strong resistance should be seen at 1.5540, 38.2% retracement of 1.6523 to 1.4950 at 1.5551, to limit upside and bring down trend resumption. On the downside, below 1.5161 minor support will bring retest of 1.4950 low first.
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 argues that such consolidation is possibly completed at 1.7190, just below 50% retracement from 2.1161 to 1.3503 at 1.7332. GBP/USD is now heading back to 1.4813 key support level. We'd hold on to this bearish view as long as 1.5785 resistance holds.
Intraday bias in GBP/USD remains on the upside and the rebound from 1.4950 would extend higher to 55 days EMA (now at 1.5400) and above. Strong resistance should be seen at 1.5540, 38.2% retracement of 1.6523 to 1.4950 at 1.5551, to limit upside and bring down trend resumption. On the downside, below 1.5161 minor support will bring retest of 1.4950 low first.
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 argues that such consolidation is possibly completed at 1.7190, just below 50% retracement from 2.1161 to 1.3503 at 1.7332. GBP/USD is now heading back to 1.4813 key support level. We'd hold on to this bearish view as long as 1.5785 resistance holds.
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