Daily Pivots: (S1) 1.6129; (P) 1.6166; (R1) 1.6190; More...
No change in GBP/USD's outlook as consolidation from 1.6300 continues. With 1.6060 resistance turned support intact, there is no sign of reversal yet and recent rally is still in favor to continue. Above 1.6300 will target 100% projection of 1.5234 to 1.5991 from 1.5602 at 1.6359 next. As noted before, whole decline from 1.6764 is finished at 1.5234 and current rise could target this 1.6746 resistance. Nonetheless, break of 1.6060 will dampen this bullish view and turn focus back to 1.5818 support first.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161, no change in this view. Current development suggests that such consolidation is still in progress with rise from 1.5234 as another rising leg. Some resistance might be seen below 1.6746 if that's a triangle pattern. But this is far from being certain. Indeed, rise from 1.5234 could eventually break 1.7043 resistance before completion. But after all, strong resistance should be seen at 50% retracement of 2.1161 to 1.3503 at 1.7332 to limit upside to conclude the consolidation.
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