GBP/USD's rise from 1.4350 extends further to as high as 1.5129 and at this point, intraday bias remains on the upside as long as 1.4805 minor support holds. Nevertheless, current rally is expected to be limited below 1.5722 resistance and bring resumption of medium term down trend. Below 1.4805 will flip intraday bias back to the downside for retesting 1.4350 low.

In the bigger picture, interpretations of the fall from 2.0158 is that first wave has completed at 1.7445, second at 1.8668, third at 1.4557 and fourth wave consolidation should have completed at 1.5722. The current fall from 1.5722 might represent the last leg in this five wave sequence and is targeting mentioned 1.3680 (50% projection of 1.8668 to 1.4557 from 1.5722 at 1.3667). On the upside, though, break of 1.5227 resistance will be the first alert that such medium term fall from 2.0158 has completed and a medium term bottom is formed. Some large scale rebound should be seen in such case.