With 4 hours MACD crossed below signal line, GBP/USD's recovery might be completed at 1.4527 already. Intraday bias is cautiously on the downside for the moment. Break of 1.4230 will confirm down trend resumption and should target 100% projection of 1.6456 to 1.4783 from 1.5521 at 1.3848 next. However, break of 1.4527 will suggest that a short term bottom is formed and bring stronger rebound towards 1.5053 resistance before staying another fall.
In the bigger picture, our bearish view remains unchanged. Fall fro 1.7043 is tentatively treated as resumption of the whole down trend from 2007 high of 2.1161. Such fall should target 61.8% projection of 2.1161 to 1.3503 from 1.7043 at 1.2310 after taking out 1.3503 low. On the upside, break of 1.5521 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
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