Daily Pivots: (S1) 1.6556; (P) 1.6576; (R1) 1.6593; More... A temporary low is in place at 1.6534 with 4 hours MACD crossed above signal line. Intraday bias in GBP/USD is turned neutral for some consolidations first. Upside of recovery is expected to be limited by 1.6737 resistance and bring fall resumption. The decline from 1.7190 medium term top is expected to extend lower. Below 1.6534 will target 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282). 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.   Written by ActionForex.com | Aug 25 14 12:30 GMT | FOREXSTRATEGY |
