hmmm....
GBP/USD Daily Outlook
Daily Pivots: (S1) 1.9809; (P) 1.9865; (R1) 1.9945; More
Outlook in cable remains neutral. as the pair continues to consolidate in tight range below 1.9971. More choppy sideway trading could still be seen. On upside, while another rise could be seen to above 1.9971, but strong resistance should be seen as cable enters into mentioned 1.9980/2.0034 resistance zone (100% projection of 1.9337 to 1.9957 from 1.9360 at 1.9980 as well as 38.2% retracement of 2.1161 to 1.9337 at 2.0034.) On the downside, break of 1.9706 resistance turned support will indicate rise from 1.9360 has already completed. Also, so is the whole consolidation that started at 1.9337. In such case, retest of 1.9337 low should be seen.
In the bigger picture, as discussed before, prior break of medium term rising channel and 2.0 psychological level at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Deeper medium term decline is expected towards 61.8% retracement of 1.7047 to 2.1161 at 1.8619. The above view remains valid as long as upside of the consolidation from 1.9337 is limited by 2.0099 resistance. But firm break of 2.0099 will dampen this view and indicate that fall from 2.1161 has already completed. Much stronger rally should then be seen in this case
