GBP/USD Daily Outlook
Daily Pivots: (S1) 1.5474; (P) 1.5511; (R1) 1.5539; More...
Intraday bias in GBP/USD remains neutral with focus staying on 1.5422 minor support. Break will indicate that rebound from 1.4813 has completed and turn bias back to the downside for 1.5101 first. Break will confirm this bearish case and target a retest on 1.4813. On the upside, in case of another rise, we'd continue to be cautious on strong resistance from 1.5751 limit upside and bring reversal. However, sustained break of 1.5751 will have larger bullish implications and would turn focus back to 1.6380 resistance.
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. We're still preferring this view for the moment. 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, break of 1.5751 resistance will delay the bearish case and extend the consolidation from 1.3503.