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.
GBPUSD Outlook | Written by ActionForex.com | Aug 26 14 13:48 GMT
