Daily Pivots: (S1) 1.6174; (P) 1.6241; (R1) 1.6345;

GBP/USD's corrective rise from 1.5892 is still in progress and met mentioned target of 100% projection of 1.5829 to 1.6327 from 1.5896 at 1.6304 already. At this point, intraday bias remains on the upside with 1.6192 minor support intact and further rise could still be seen. Nevertheless, we'd expect upside to be limited below 61.8% retracement of 1.6875 to 1.5829 at 1.6475 and bring resumption of the whole fall from 1.6875. On the downside, below 1.6192 minor support will turn intraday bias neutral first. Further break of 1.6062 support will indicate that such correction has possibly completed and recent fall is resuming for 1.5829 and below.

In the bigger picture, we're still favoring the bearish case that medium term rebound from 1.3503, which is is treated as a correction to down trend from 2.1161, has completed at 1.7043. Firm break of 1.5706 cluster support (38.2% retracement of 1.3503 to 1.7043 at 1.5691) will confirm this case and indicate that whole down trend from 2.1161 is likely resuming for a new low below 1.3503.

However, note that sustain break of 61.8% retracement of 1.6875 to 1.5829 at 1.6475. will in turn indicate that whole fall from 1.6875 has completed and recent price actions from 1.7043 are merely consolidations to the larger rise from 1.3503 only. That is, whole medium term rise from 1.3503 might not be finished yet and another rise could still be seen to 1.7332/8236 (50% and 61.8% retracement of 2.1161 to 1.3503) before completion.

GBP/USD