GBP/USD Daily Outlook
Daily Pivots: (S1) 1.4849; (P) 1.4883; (R1) 1.4936; More...
GBP/USD lost some downside momentum and recovers. Some sideway trading could be seen. But still, with 1.5198 resistance intact, near term outlook stays bearish. Current fall from 1.6380 is still in progress and should extend to 1.4229 key support level next. Though, break of 1.5198 will indicate short term bottoming and bring lengthier consolidation.
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.