[m.youssif]

GBP/USD's rebound from 1.5935 extends further to as high as 1.6362 so far today. Intraday bias remains on the upside for 1.6400 resistance first. Note that acceleration of the current rebound argues that it might indeed be resuming whole rise from 1.5343. Break of 1.6400 will confirm the bullish case and target 61.8% projection of 1.5343 to 1.6400 from 1.5935 at 1.6588 next. On the downside, below 1.6275 minor support will turn intraday bias neutral first and bring consolidations.

In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidation to long term down trend from 2007 high of 2.1161. Rise from 1.4230 is treated as the third leg of such consolidation and with 1.5343 support intact, such rise could still continue for 1.7043 resistance. But after all, strong resistance should be seen between 1.7043 and 50% retracement of 2.1161 to 1.3503 at 1.7332 to limit upside. On the downside, break of 1.4230 support will be the first signal of down trend resumption and will turn focus to 1.3503 low for confirmation.

[m.youssif]

GBP/USD's rebound from 1.5935 extends further to as high as 1.6362 so far today. Intraday bias remains on the upside for 1.6400 resistance first. Note that acceleration of the current rebound argues that it might indeed be resuming whole rise from 1.5343. Break of 1.6400 will confirm the bullish case and target 61.8% projection of 1.5343 to 1.6400 from 1.5935 at 1.6588 next. On the downside, below 1.6275 minor support will turn intraday bias neutral first and bring consolidations.

In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidation to long term down trend from 2007 high of 2.1161. Rise from 1.4230 is treated as the third leg of such consolidation and with 1.5343 support intact, such rise could still continue for 1.7043 resistance. But after all, strong resistance should be seen between 1.7043 and 50% retracement of 2.1161 to 1.3503 at 1.7332 to limit upside. On the downside, break of 1.4230 support will be the first signal of down trend resumption and will turn focus to 1.3503 low for confirmation.