GBP/USD Daily Outlook
Daily Pivots: (S1) 1.6581; (P) 1.6611; (R1) 1.6667; More...
Intraday bias in GBP/USD remains on the upside for the moment as near term up trend is in progress. Next target will be 61.8% projection of 1.4813 to 1.6259 from 1.5853 at 1.6747, which is close to 1.6476 next medium term resistance. On the downside, below 1.6557 minor support will turn bias neutral. But in that case, retreat should be contained above 1.6309 support and bring another rally.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Current development suggests that it's still in progress with rise from 1.4813 as the third leg. Rally from there would target 1.7043 resistance and above. But we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal. We'd hold on to this view as long as 1.5853 support holds.