GBP/USD Daily Outlook
Daily Pivots: (S1) 1.4846; (P) 1.4947; (R1) 1.5009; More...
Intraday bias in GBP/USD remains on the downside for the moment and current fall is from 1.6380 is expected to extend to 1.4229 key support level next. On the upside, break of 1.5198 is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161 and could have completed as a triangle pattern at 1.6380. The decisive break of 1.5 psychological level affirmed this case. Focus is now on 1.4229 support and sustained break there should bring long term down trend resumption for a new low below 1.3503. However, strong rebound from 1.4229 will indicate that the whole pattern from 1.3503 is still in progress.