Intraday bias in GBP/USD remains on the upside with 1.6088 minor support intact. Current rise is expected to continue to 100% projection of 1.5296 to 1.6104 from 1.5649 at 1.6457 next. On the downside, below 1.6088 minor support will turn intraday bias neutral and bring retreat. But downside should be contained above 1.5649 support and bring another rise.
In the bigger picture, price actions from 1.3503 are viewed as consolidation to fall from 2.1161 only with rise from 1.4230 as the third leg. There is no clear indication that such consolidation is finished. Current rise from 1.4230 could extend to 1.7043 resistance and above. However, we'd expect strong resistance between 1.7043 and 50% retracement of 2.1161 to 1.3503 at 1.7332 and finally bring long term down trend resumption. In any case, a break of 1.4230 support will indicate that the consolidation is completed and down trend from 2.1161 is resuming for another low below 1.3503.
By : ActionForex
Reviewed By;
vv
mt = Malaysia Time (GMT + 8 hours).
