GBP/USD Daily Outlook
Daily Pivots: (S1) 1.5059; (P) 1.5118; (R1) 1.5167; More...
GBP/USD is steady comparing to other pairs today. As noted before, a short term bottom could be formed at 1.4830 on bullish convergence condition in 4 hours MACD. Break of 1.5198 will confirm and bring stronger rebound to 38.2% retracement of 1.6380 to 1.4830 at 1.5422. After all, fall from 1.6380 is still expected to resume later but we'd likely seen more corrective trading in near term first.
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.