GBP/USD DAILY OUTLOOK

Cable's rally was limited by 100% projection of 1.9363 to 1.9852 from 1.9408 at 1.9897 and retreats mildly. Nevertheless, intraday bias remains ont he upside as long as 1.9797 minor support holds. As mentioned before, break of 1.9897 fibo resistance will encourage stronger rise towards 161.8% projection at 2.0199. Also, this will be consistent with the broader view that rise from 1.9363 represents another rising leg of the consolidation pattern that started at 1.9337 and is probably targeting 2.0391 resistance. On the downside, below 1.9797 will turn intraday outlook neutral first and bring consolidation. But downside should be contained above 1.9586 support and bring rally resumption.
In the bigger picture, down trend from 2.1161 have made a low at 1.9337. The corrective nature of the rise from 1.9337 to 2.0391 and fall from 2.0391 to 1.9363 suggests that price actions from 1.9337 are developing into sideway consolidation to whole fall from 2.1161. Though, the structure and length of this consolidation could either be in form of a three wave sideway consolidation or in form of five wave triangle pattern. But in either case, another rise is still expected to test 2.0391 resistance. Nevertheless upside of such consolidation should still be limited by 61.8% retracement of 2.1161 to 1.9337 at 2.0464. On the downside, sustained break of 1.9337/63 support zone will indicate that decline from 2.1161 has resumed.