GBP/USD Daily Outlook
Daily Pivots: (S1) 1.5387; (P) 1.5487; (R1) 1.5549; More..
The break of 1.5446 minor support revives the case that corrective rise from 1.4830 has already completed at 1.5606. Intraday bias is back on the downside for 1.5196 first. Break will confirm this case and turn outlook bearish for a retest on 1.4830 low.
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 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 or above 1.4229 will indicate that the whole pattern from 1.3503 is still in progress.