Daily Pivots: (S1) 1.4390; (P) 1.4544; (R1) 1.4737; More

GBP/USD's break of 1.4766 minor resistance indicates that an intraday low is in place and some more recovery could now be seen. However, note that short term outlook will remain bearish as long as 1.5722 resistance holds. Break of 1.4346 will indicate that medium term down trend has resumed for 1.3680 key long term support (50% projection of 1.8668 to 1.4466 from 1.5722 at 1.3621).

In the bigger picture, prior break of 1.4466 indicates that medium term fall from 2.0158 is still in progress. Revised interpretation is that first wave completed at 1.7445, second at 1.8668, third at 1.4466 and fourth at 1.5227. Current fall from 1.5227 might represent the fifth wave decline and should be targeting 1.3680 key long term support. Break will target 61.8% projection of 1.8668 to 1.4466 from 1.5722 at 1.3125 next. On the upside, though, Break of 1.5227 resistance will argue that a medium term bottom is finally formed and bring larger scale rebound.