Daily pivots: (S1), 1.5736. (P) 1.5826. (R1) (1) 5898. For more.
GBP/USD dips to as low as 1.5754 but is still above 1.5668 aid and, consequently, the Outlook is stable. While more consolidations can still be seen under 1.6016, more are still in service with 1.5668 intact.Above 1.6016 will draw 61,8% projection of 1.4230 to $ 5997 from 1.3172 at 1.6388 next. On downside over, break of 1.5668, in turn, shows that the increase of 1.3172 is finished and flip bias back to the downside of this support.
In the bigger picture shows the price steps from 1.3503 as consolidation fall from 2.1161 only rise from 1.4230 third leg.There are no clear signs that such consolidation is finished.Above 1.5996 will bring another cause 1.7043 resistance and above; however, we should 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; a break of 1.4230 support will in all cases specify that consolidation has been completed and the down trend from 2.1161 continues secondly below 1.3503.
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