Forex: GBP/USD, short term outlook
After making it's temporary low of 1.57887, the currency pair rebounded about 120 pips towards 1.5900 level. This upper movement doesn't change the situation, so far, as long as the 1.6011 level it's still intact. I will look for continuation of the downside movement - because the pair it's still situated in a downside bias (the price is under the 1.6011 pivot level). But, only if a candle will close under the 1.5858 (the lower limit of the blue rectangle) only then will go short for the 1.57887 low or even further to 1.56293 (121.7 Fibonacci extension of the downside movement of 1.65233 - 1.57887), depending where the short confirmation will occur and how much room for profit will have.
After making it's temporary low of 1.57887, the currency pair rebounded about 120 pips towards 1.5900 level. This upper movement doesn't change the situation, so far, as long as the 1.6011 level it's still intact. I will look for continuation of the downside movement - because the pair it's still situated in a downside bias (the price is under the 1.6011 pivot level). But, only if a candle will close under the 1.5858 (the lower limit of the blue rectangle) only then will go short for the 1.57887 low or even further to 1.56293 (121.7 Fibonacci extension of the downside movement of 1.65233 - 1.57887), depending where the short confirmation will occur and how much room for profit will have.