GBP/USD Daily Outlook

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.5124; (P) 1.5192; (R1) 1.5241; More...

At this point, GBP/USD's corrective rise from 1.4830 could still extend higher as long as 1.5026. But we'd expect strong resistance from 38.2% retracement of 1.6380 to 1.4830 at 1.5422 to limit upside and bring fall resumption eventually. Fall from 1.6380 is still expected to continue. Below 1.5026 minor support will flip bias to the downside for retest 1.4830 support 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. 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.