Daily Pivots: (S1) 1.6122; (P) 1.6160; (R1) 1.6196; More...
GBP.USD drops further to as low as 1.6066 so far today. Intraday bias remains on the downside with focus on 1.6060 resistance turned support. Break there will indicate that rise from 1.5602 is finished and will bring deeper decline to 1.5818 support for confirmation. On the upside, though, above 1.6198 will flip bias back to the upside for 1.6300 and above.
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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