[m.youssif]

GBP/USD rises to as high as 1.6744 so far and breaks mentioned target of 100% projection of 1.5935 to 1.6426 from 1.6166 at 1.6657. Intraday bias remains on the upside and further rise should now be seen towards 100% projection of 1.5343 to 1.6400 from 1.5935 at 1.6992, which is close to 1.7 psychological level and 1.7043 key resistance. On the downside, break of 1.6431 support is needed to signal short term topping. Otherwise, outlook will remain bullish even in case of retreat.

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 and above. 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 1.6744 so far and breaks mentioned target of 100% projection of 1.5935 to 1.6426 from 1.6166 at 1.6657. Intraday bias remains on the upside and further rise should now be seen towards 100% projection of 1.5343 to 1.6400 from 1.5935 at 1.6992, which is close to 1.7 psychological level and 1.7043 key resistance. On the downside, break of 1.6431 support is needed to signal short term topping. Otherwise, outlook will remain bullish even in case of retreat.

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 and above. 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.