[m.youssif]

GBP/USD rises to as high as 1.6598 so far today and meet mentioned target of 61.8% projection of 1.5343 to 1.6400 from 1.5935 at 1.6588. Intraday bias remains on the upside for 100% projection of 1.5935 to 1.6426 from 1.6166 at 1.6657 next. On the downside, below 1.6482 minor support will turn bias neutral and bring consolidations first before staging another rally.

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 1.5935 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 rises to as high as 1.6598 so far today and meet mentioned target of 61.8% projection of 1.5343 to 1.6400 from 1.5935 at 1.6588. Intraday bias remains on the upside for 100% projection of 1.5935 to 1.6426 from 1.6166 at 1.6657 next. On the downside, below 1.6482 minor support will turn bias neutral and bring consolidations first before staging another rally.

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 1.5935 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.