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GBP/USD failed to make a positive sustain gain above 1.5870 support level and this cuts higher trading towards retest and bring back above its trend line, this could be correction which is in favor of bears, this is a sign for bearish movement. The move cuts upward move and down move is in progress, after GBP/USD failed to extend above its swing high and price dropped from it and even pinned below upper trend line towards a retest of 1.5779 support level, but price failed to make a sustain gain and reversed. This move shows that bulls still outnumbered bears but pair need to accumulate more power for uptrend move. Intraday bias is bullish after price is trading above 1.5632 level. Consistent trade below that level would point that down move is still in progress. In this case price should target a test of 1.5467 level if pair doesn’t find support price would extend further down to 1.5361 level.
On the upside, price need a consolidative trade above 1.5632 level to gather strength, and make a positive break of the resistance trend line, if price manage to trade above it thus shows that GBP/USD has accumulated strength for the push towards 1.5779 resistance level and if there is positive break price should target higher resistance levels.
Daily Pivots: Pivot Point – 1.5828, 1st Support – 1.5764, 1st Resistance – 1.5886
