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GBP/USD dropped to 1.5329 but recovered strongly since then. Fall from 1.5929 might be finished already. Initial bias is mildly on the upside for retesting 1.5929 high first. The development argues that rebound from 1.4565 might still be in progress. Break of 1.5929 will target 61.8% retracement of 1.7190 to 1.4565 at 1.6187. On the downside, below 1.5329 will turn focus back to 1.5169 support instead. In the bigger picture, medium term fall from 1.7190 should have completed 1.4565. Focus in on whether rebound from 1.4565 is a correction to fall from 1.7190, or another leg inside the consolidation pattern from 1.3503 low. We'll assess the outlook at a later stage based on the structure of the rebound. But in either case, the long term down trend from 2.1161 is still expected to extend for a new low below 1.3503 later. In the longer term picture, we're sticking on to the view that price actions from 1.3503 are the fourth wave of the five wave sequence from 2.1161. That means, firstly, 1.3503 shouldn't be the end point of the downtrend yet and a new low is expected. However, secondly, as the next fall could be the fifth wave, the breach of 1.3503 could be shallow and brief from long term point of view and we'll then see a more sustainable rebound.
