The cable did not profit from yesterday's dollar sell-off in the other majors, which signals substantial weakness of the rebound above 1.5267. Nevertheless, my outlook is still positive above 1.5330 support, for a break through 1.5403 and rise towards 1.5550. Crucial on the downside is 1.5267 low.
The reversal at 78.11 initiated a rise, breaking beyond 78.47 and the pair is currently testing 79.30 resistance area. The combination of static and dynamic resistance at 79.30 raises the significance of that area and a break through that zone will set the focus at 80.60. I favor a minor intraday corrective pattern below 79.30, limited above 78.90 support, before an impulsive rise towards 80.60. Crucial on the downside is 78.47 support.
The outlook here continues to be positive, targeting 1.5550 and the major resistance area at 1.5640-50. Crucial support on the downside remains projected around 1.5402 area.
Yesterday's peak at 1.5601 marks the end of the upmove from 1.5267 and current intraday outlook is negative below 1.5480 minor resistance, with a crucial level at 1.5520. Initial target on the downside is 1.5402 support area and I favor a break below that level to trigger a new test of 1.5270.
Today's gap signals, that the positive bias since 1.2285 low is still intact and my outlook is bullish, for a test of 1.2815 resistance. Crucial on the downside is 1.2439 low. The intraday bias is negative, so a slide towards 1.2540-20 should be expected, before reversal for a new high.
Although yesterday's slide broke below the initial support at 1.2530-40, my outlook is bullish, for a beginning of an uptrend towards 1.2670, en route to 1.2815. Initial resistance is projected at 1.2540 and crucial on the downside is 1.2435, as a violation of that level will fix a top at 1.2668 high.
The consolidation pattern below 1.5601 is close to its end and my outlook continues to be bullish, for a break through 1.5590 and a tighter test of 1.5650 major resistance. Minor intraday support is projected at 1.5515 and crucial area on the downside remains 1.5402.
Yesterday's rise reversed few pips below 1.5601, forming a triple top pattern and due to the proximity of 1.5650 major resistance, I think, that the whole consolidation phase since 1.5267 low is already over. My outlook is negative below 1.5535 intraday resistance and I expect a direct sell-off for a break of 1.5453, en route to 1.5267.
The recent break above 1.2668 high signals a continuation of the upmove and my outlook is bullish for 1.2815, en route to 1.2910. Initial support is projected at 1.2660 and crucial on the lower frames is 1.2590 low.
The outlook here is bullish above 1.2630 intraday support, for a break through 1.2731, towards 1.2820. Yesterday's low at 1.2567 has no technical importance, so crucial on the mid-frames remains 1.2435 static support.
The pair is caught in a tight range below 1.2740 and with the dynamic support at 1.2610 the bias here continues to be positive, for a rise towards 1.2825 reversal zone. Crucial on the downside is 1.2556, as a break below will signal a "double top" formation at 1.2740, and will switch the focus back at 1.2285 low.
A top has been confirmed with yesterday's break below 1.2556 and the current bias is negative for 1.2435, en route to 1.2285 low. Initial resistance is projected at 1.2572 and crucial on the upside is 1.2640 area.
Following the fall to 1.5535 the pair consolidates between 1.5535 and 1.5650. The unsuccessful test of the intraday resistance level of 1.5650 and the bearish engulfment realized on a daily basis on Wednesday both suggest further bearishness for GBP/USD towards 1.54.
Following the fall to 1.5535 the pair consolidates between 1.5535 and 1.5650. The unsuccessful test of the intraday resistance level of 1.5635 and a break below 1.5535 suggest further bearishness for GBP/USD towards 1.5400.
After the unsuccessful test of 80.60 and the break of 79.80 the bias remains bearish for the zone 79.20-79.00. Intraday test of 80.60 is possible before the downside move continues towards 79.00 and 78.60.
