GBP/USD Daily Outlook
Daily Pivots: (S1) 1.5103; (P) 1.5156; (R1) 1.5224; More...
The rebound from 1.4830 is still in progress and further rally would be seen to 38.2% retracement of 1.6380 to 1.4830 at 1.5422. Though, it's being viewed as a correction only and thus, we'd expect strong resistance from 1.5422 to limit upside. Fall from 1.6380 is still expected to resume later. Below 1.5026 will bring retest of 1.4830 low 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.