Daily Pivots: (S1) 1.5683; (P) 1.5801; (R1) 1.5871

Intraday bias in GBP/USD remains on the downside for the moment and further decline should be seen towards 100% projection of 1.6875 to 1.5829 from 1.6456 at 1.5410 next. On the upside, above 1.5797 minor resistance will turn intraday bias neutral and bring consolidation. But upside should be limited below 1.6067 resistance and bring fall resumption.

In the bigger picture, we're still favoring the bearish case that medium term rebound from 1.3503, which 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 break of 1.6456 resistance will in turn shift favor to the case that recent price actions from 1.7043 are merely developing into consolidations to the larger rise from 1.3503. 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