We believe, the intraday as well as short term trading perspectives of GBP/USD: The bias remains bearish.
The pair hanging on trend line support
Pivot: 1.5490 on closing basis.
For now in our opinion most likely scenario would be: Any breaks below 1.5490 on a closing basis looks for further tumble towards 1.543 & 1.536 as targets.
On the flip side: Long positions can be established for targets @ 1.5505, 1.561 & 1.564 in extension.
The recommendation would be buy binary At-The-Money puts at strike 1.5492 for 15 pips back again.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
