Bias: While 1.0654 holds I feel we shall soon see a break above 1.0699 to reach 1.0760 minimum
The low at 1.0622 was just 1 pip below yesterday's lower target and this should mean today is an up-day. So far we have seen a move to 1.0699 but while 1.0654 supports I feel this will break and extend gains to 1.0760 at least. Take care there as there is a strong risk of a pullback from this area. However, while GBPUSD has not reached its support at 1.6321-56 I feel the stronger risk is still for a move to a new high between 1.0789 and 1.0844. A bearish reversal pattern in that area should trigger the eventual move back lower.
21st July: We are still in a downward structure and this does have risk currently of seeing 1.0623-45 but should be followed by a correction to as high as 1.0840-84. Only a break above this area would imply a retest of the 1.0938-55 highs.
There will be further lows in time but I feel we shall get better selling levels. We'll have to match this with an expected low in GBPUSD around 1.6321-56. Overall I feel today there should be an opportunity for a correction lower from 1.0760. However, beyond that I feel we need to look in the broad 1.0789-1.0844 range for a bearish reversal pattern though this is likely to come late in the day and possibly even tomorrow. Only an earlier break below 1.0645-54 would mean a more direct attack on the 1.0622 low and breach would extend to 1.0590 and eventually 1.0527 & 1.0488.
22nd July: We are almost at the end of the corrective move lower and probably from the 1.0789-1.0844 range we should see a final move lower to 1.0590 at least. We'll have to see how this develops. Below 1.0590 would imply 1.0527 at least and possibly 1.0488.
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