| GBP/USD's decline extends as the week starts and intraday bias remains on the downside. The decline from 1.7190 medium term top should extend to 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282). Meanwhile, break of 1.6737 resistance is needed to be the first indication of short term bottoming. Otherwise, outlook will stay bearish in case of recovery. In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. The current development, with medium term top formed at 1.7190, argues that such consolidation is possibly completed, just below 50% retracement from 2.1161 to 1.3503 at 1.7332. Focus now turns to 55 weeks EMA (now at 1.6506). Sustained trading there will pave the way for 1.4813 key support and below. GBP/USD 4 Hours Chart  GBP/USD Daily Chart  Written by ActionForex.com | Aug 25 14 04:16 GMT | FOREXSTRATEGYWorld |
