GBP/USD Daily Outlook

Daily Pivots: (S1) 1.5953; (P) 1.5996; (R1) 1.6037; More...
No change in GBP/USD's outlook. Intraday bias remains mildly on the downside and corrective fall from 1.6380 would continue to 61.8% projection of 1.6380 to 1.5992 from 1.6178 at 1.5938 and below. At this point we're treating fall from 1.6380 as a correction, or part of a consolidation pattern. So, we'd expect strong support from 1.5827 key near term support to contained downside and bring rebound. Above 1.6178 will turn bias back to the upside for retesting 1.6380.
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. There are various interpretations on the pattern from 1.3503 but after all, the important point is that it isn't finished yet. Prior break of 1.6300 resistance suggests that another rising leg is now in progress for 1.7043 and above to extend the consolidation pattern. But we'd expect strong resistance at 50% retracement of 2.1161 to 1.3503 at 1.7332 to limit upside. Meanwhile, break of 1.5827 support (50% retracement of 1.5268 to 1.6380 at 1.5824) will turn focus back to 1.5268 support instead.