GBP/USD INTRADAY CHART
BIAS: The structure has a wide range of upside possibilities but the emphasis should be lower
Resistance: 1.4276 1.4293-97 1.4322 1.4347
Support: 1.4225-50 1.4196 1.4170 1.4140
MAIN ANALYSIS: The break above 1.4321 has basically broken any chance of a direct follow-through in an impulsive decline. However, I do expect losses but this appears to be more in a complex corrective pattern. There is room for a break above the 1.4347 high towards the 1.4300-22 area - so allow for it - but overall we should be looking for quite firm losses that could reach around the 1.3993 area (+/-). Once this decline is complete we shall require another correction higher and could be quite deep.
COUNTER ANALYSIS: There is one alternative outcome that we must also consider. Because the recovery from 1.4004 came in 3-legs, there is the risk of a complex correction here also. If that 1.4004 low holds again, there is a chance of a reversal higher in a possible alternative complex correction. Therefore, as can be seen, there are quite a few risks to watch out for and therefore it'll be best to observe carefully to how the bearish structure develops - impulsive or corrective...
MEDIUM TERM ANALYSIS:
13th April: Risk is for a period of sideways range trading that could last into May...