GBP/USD decline in price is limited after pair managed a positive rebound and pair broke above 1.5779 support level but seems this level to be tested once again, after pair failed to make a positive gain towards 1.5870 resistance level, which is crucial for upward extend, and price is looking towards reverse to support zone, however pair is making a sustain gain below 1.5870 which helped bears to extend lower. Price need to consolidate and managed a positive retest towards 1.6169 resistance level, price is still trading below the upper trend line, this could be correction move 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. Intraday bias is bullish after price is trading above 1.5779 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 1.5991 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 1.62++ resistance level and if there is positive break price should target higher resistance levels.
Daily Pivots: Pivot Point – 1.5855, 1st Support – 1.5788 1st Resistance – 1.5914