Intraday bias in GBP/USD remains on the downside for the moment. As noted before, a medium term could be formed at 1.7190 already and the trend is reversing. Deeper fall should be seen to 1.6692 key support level for confirmation. On the upside, above 1.6954 minor resistance will turn bias neutral and bring consolidations. But near term outlook will stay cautiously bearish as long as 1.7058 resistance holds.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Based on unconvincing medium term momentum, we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal. Sustained break of 1.6692 will indicate medium term reversal and would turn outlook bearish for 1.4813 support.
