GBPUSD Outlook |
Written by ActionForex.com |
Sep 19 13 13:02 GMT
GBP/USD Mid-Day Outlook
Daily Pivots: (S1) 1.5969; (P) 1.6066; (R1) 1.6240; More....
Intraday bias in GBP/USD remains on the upside for 1.6380 resistance. On the downside, below 1.5885 minor support will turn bias neutral and bring consolidations. But overall, overall, near term outlook will stay bullish as long as 1.5716 support holds.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Current development suggests that it's still in progress and stronger rise would be seen. It's possible that rise from 1.4813 is the fifth leg of a triangle pattern and in that case, we should see strong resistance below 1.6380 to limit upside and bring down trend resumption finally. Meanwhile, break of 1.6380 will indicate that rise from 1.4813 is the third leg of the consolidation pattern and should target 1.7043 instead.
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