Daily Pivots: (S1) 1.5540; (P) 1.5657; (R1) 1.5758;
Intraday bias in GBP/USD remains on the downside with 1.5737 minor resistance intact. Current fall from 1.6456 is expected to continue towards 100% projection of 1.6875 to 1.5829 from 1.6456 at 1.5410 next. On the upside, above 1.5737 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited well below 1.6067 resistance and bring fall resumption.
In the bigger picture, break of 1.5706 cluster support (38.2% retracement of 1.3503 to 1.7043 at 1.5691) confirmed our 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 1.6456 resistance is needed to invalidate this view. Otherwise, medium term outlook will now remain bearish.
Based on ActionForex.com Technical Outlook
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