GBP/USD Mid-Day Outlook
Daily Pivots: (S1) 1.9615; (P) 1.9661; (R1) 1.9713; More
Cable continues to consolidate below 1.9707 and outlook remains unchanged so far. Intraday bias remains on the upside as long as 1.9608 minor support holds. As discussed before, fall from 1.9957 should have completed with three waves down to 1.9360 and such corrective nature suggests that consolidation that started at 1.9337 is still in progress. In other words, further rally is expected to retest 1.9957 before completing the consolidation from 1.9337. Below 1.9608 will turn intraday outlook consolidative first. But further rise is still in favor as long as pull back is contained by 1.9527 support.
In the bigger picture, as discussed before, prior break of medium term rising channel and 2.0 psychological level at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Deeper medium term decline is expected towards 61.8% retracement of 1.7047 to 2.1161 at 1.8619. The above view remains valid as long as upside of the consolidation from 1.9337 is limited by 2.0099 resistance. However, with a short term low in place at 1.9337, further consolidation could still be seen and break of 1.9337 is needed to confirm whole down trend from 2.1161 has resumed.
Daily Pivots: (S1) 1.9615; (P) 1.9661; (R1) 1.9713; More
Cable continues to consolidate below 1.9707 and outlook remains unchanged so far. Intraday bias remains on the upside as long as 1.9608 minor support holds. As discussed before, fall from 1.9957 should have completed with three waves down to 1.9360 and such corrective nature suggests that consolidation that started at 1.9337 is still in progress. In other words, further rally is expected to retest 1.9957 before completing the consolidation from 1.9337. Below 1.9608 will turn intraday outlook consolidative first. But further rise is still in favor as long as pull back is contained by 1.9527 support.
In the bigger picture, as discussed before, prior break of medium term rising channel and 2.0 psychological level at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Deeper medium term decline is expected towards 61.8% retracement of 1.7047 to 2.1161 at 1.8619. The above view remains valid as long as upside of the consolidation from 1.9337 is limited by 2.0099 resistance. However, with a short term low in place at 1.9337, further consolidation could still be seen and break of 1.9337 is needed to confirm whole down trend from 2.1161 has resumed.
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