Daily Pivots: (S1) 1.5161; (P) 1.5291; (R1) 1.5394;
Intraday bias in GBP/USD remains on the downside as long as 1.5317 minor resistance holds. Sustained trading below 61.8% projection of 1.6456 to 1.5534 from 1.5814 at 1.5244 should pave the way to 100% projection at 1.4892, which is close to 61.8% retracement of 1.3053 to 1.7043 at 1.4855. On the upside, above 1.5317 minor resistance will turn intraday bias neutral first. But recovery should be limited by 1.5574 resistance and bring fall resumption.
In the bigger picture, we're holding on the the bearish view that medium term rebound from 1.3503, which is treated as a correction to down trend from 2.1161, has completed at 1.7043 already. Fall from there is tentatively treated as resumption of the down trend from 2.1161 and should target a new low below 1.3503. On the upside, break of 1.5814 resistance is needed to be the first sign of bottoming. Otherwise, outlook will remain bearish.
Based on ActionForex.com Technical Outlook
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