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Intraday bias in GBP/USD remains neutral for the moment. Break of 1.5508 resistance will extend the rise from 1.5106. But still, we'd maintain that near term risk stays on the downside as long as 1.5658 resistance holds. Fall from 1.5929 is mildly in favor to continue. Below 1.5241 will target a test on 1.5106 low first. However, decisive break of 1.5685 will confirm near term reversal and bring retest of 1.5929 instead. In the bigger picture, medium term fall from 1.7190 should have completed at 1.4565. Momentum of the rebound from 1.4565 was relatively weak and the structure is somewhat corrective. Hence, we'd treat price actions from 1.4565 as developing into a consolidation/correction pattern only. Fall from 1.7190 is viewed as resuming the longer term down trend from 2.1161 and would target 1.3503 and below later.
