2:59 PM
GBP/USD Daily Outlook Daily Pivots: (S1) 1.5391; (P) 1.5424; (R1) 1.5466;
Intraday bias in GBP/USD remains neutral for the moment. At this point, rise from 1.4950 is viewed as a corrective move and break of 1.5315 will indicates that it's completed. In such case, bias will be turned back to the downside for retesting 1.4950 first. However, sustained break of 1.5540/51 (38.2% retracement of 1.6523 to 1.4950 at 1.5551) will argue that whole fall from 1.7190 is completed at 1.4950. And rise from there could target 1.5785 resistance next.
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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