Intraday bias in GBP/USD remains on the downside as the correction from 1.6822 continues to 61.8% retracement of 1.6251 to 1.6822 at 1.6469 and below. At this point, there is no clear evidence of larger trend reversal yet even though there is bearish divergence condition in daily MACD. Thus, we'd expect strong support above 1.6251 to contain downside and bring rebound. On the upside, above 1.6654 minor resistance will turn bias back to the upside for 1.6785/6822 resistance zone.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Rise from 1.4813 is viewed as the third leg and is still in progress for 1.7043 and above. But we'd expect strong resistance from 50% retracement from 2.1161 to 1.3503 at 1.7332 to limit upside and bring reversal. Considering bearish divergence condition in daily MACD, break of 1.6251 will argue that rise from 1.4813 is likely finished and will turn outlook bearish.
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