GBP/USD Today Prognosis

Daily Pins: (S1) 1.4108; (P) 1.4259; (R1) 1.4450;

No change in GBP/USD's prospect. While another rise cannot be ruled out, we're still waiting upside of the rebound from 1.3503 to be limited by this 1.4469 resistance and bring diminution resumption. Below 1.4028 will advise that rebound from 1.3503 has accomplished and will flip intraday bias back to the downside for retesting this low. Break will approve diminution from 1.5722 has resumed for 61.8% projection of 1.8668 to 1.4557 from 1.5722 at 1.3186. At The Same Time, note that decisive break of 1.4469 will dampen the bearish case and points that a short term bottom is at least formed.

In the bigger picture, as debated before, diminution from 2.0158 is interpreted as being a five wave sequence (1.7445, 1.8668, 1.4557, 1.5722). Fifth wave diminution from 1.5722 is still in progress and sustained trading below 1.3680 long term hold (50% projection of 1.8668 to 1.4557 from 1.5722 at 1.3667) will set the stage for further diminution to 61.8% projection of 1.8668 to 1.4557 from 1.5722 at 1.3186 next. Break will target 100% projection at 1.1611. On the upside, break of 1.4469 will argue that fall from 1.5372 has accomplished, so is that from 1.5722 possibly. In other words, this will imply that a medium term bottom might be in place and some stronger rebound could be found out to retest 1.5722 resistance. at least.

Based on ActionForex.com Technical Prospect