Daily Pivots: (S1) 1.2165; (P) 1.2295; (R1) 1.2388; More…

GBP/USD’s fall continues today and reaches as low as 1.2084 so far. Intraday bias remains on the downside an fall from 1.3514 is targeting 1.1958 low. On the upside, above 1.2273 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited well below 1.2725 support turned resistance to bring another fall.

In the bigger picture, current development suggests that price actions from 1.1946 (2016 low) are merely a consolidation pattern, with the third leg completed at 1.3514. Rejection by 55 month EMA also solidify long term bearishness. Focus is back on 1.1946 low. Decisive break there will resume larger down trend from 2.1161 (2007 high). This will remain the favored case as long as 1.3514 resistance holds.

Daily Pivots: (S1) 1.2165; (P) 1.2295; (R1) 1.2388; More…

GBP/USD is losing some downside momentum as seen in 4 hour MACD. But there is no sign of bottoming yet. Intraday bias remains on the downside. Current decline from 1.3514 should target a test on 1.1958 low. On the upside, above 1.2421 minor resistance will turn intraday bias neutral first. But further fall will be expected as long as 1.2725 support turned resistance holds.

In the bigger picture, current development suggests that price actions from 1.1946 (2016 low) are merely a consolidation pattern, with the third leg completed at 1.3514. Rejection by 55 month EMA also solidify long term bearishness. Focus is back on 1.19146 low. Decisive break there will resume larger down trend form 2.1161 (2007 high). This will remain the favored case as long as 1.3514 resistance holds.

Daily Pivots: (S1) 1.2166; (P) 1.2395; (R1) 1.2522; More…

GBP/USD’s fall is still in progress and intraday bias remains on the downside for retesting 1.1958 low. On the upside, above 1.2490 minor resistance will turn intraday bias neutral first. But further fall will be expected as long as 1.2725 support turned resistance holds.

In the bigger picture, current development suggests that price actions from 1.1946 (2016 low) are merely a consolidation pattern, with the third leg completed at 1.3514. Rejection by 55 month EMA also solidify long term bearishness. Focus is back on 1.19146 low. Decisive break there will resume larger down trend form 2.1161 (2007 high). This will remain the favored case as long as 1.3514 resistance holds.

Daily Pivots: (S1) 1.2166; (P) 1.2395; (R1) 1.2522; More…

Intraday bias in GBP/USD remains on the downside for the moment. Further decline should be seen to retest 1.1958 low. On the upside, above 1.2490 minor resistance will turn intraday bias neutral first. But further fall will be expected as long as 1.2725 support turned resistance holds.

In the bigger picture, current development suggests that price actions from 1.1946 (2016 low) are merely a consolidation pattern, with the third leg completed at 1.3514. Rejection by 55 month EMA also solidify long term bearishness. Focus is back on 1.19146 low. Decisive break there will resume larger down trend form 2.1161 (2007 high). This will remain the favored case as long as 1.3514 resistance holds.

GBP/USD’s fall from 1.3514resumed last week and accelerated to as low as 1.2270. Such development suggests that whole rise from 1.1958 has completed at 1.3514. Initial bias remains on the downside this week for retesting 1.1958 low. On the upside, above 1.2490 minor resistance will turn intraday bias neutral first. But further fall will be expected as long as 1.2725 support turned resistance holds.

In the bigger picture, current development suggests that price actions from 1.1946 (2016 low) are merely a consolidation pattern, with the third leg completed at 1.3514. Rejection by 55 month EMA also solidify long term bearishness. Focus is back on 1.19146 low. Decisive break there will resume larger down trend form 2.1161 (2007 high). This will remain the favored case as long as 1.3514 resistance holds.

In the longer term picture, GBP/USD is held comfortably below down trend line that started back at 2116 (2007 high). Down trend from there should be in favor to resume. Break of 1.1946 will target 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273.

Daily Pivots: (S1) 1.2426; (P) 1.2637; (R1) 1.2783; More…

Intraday bias in GPB/USD remains on the downside at this point. Sustained trading below 61.8% retracement of 1.1958 to 1.3514 at 1.2552 will pave the way to retest 1.1958 low. On the upside, break of 1.2725 support turned resistance will retain near term bullishness and turn bias to the upside for 1.3200 resistance instead.

In the bigger picture, current development argues that rise from 1.1958 might have completed at 1.3541. It’s merely just the third leg of the consolidation pattern from 1.1946 (2016 low). Decisive break of 1.1946 will resume larger down trend from 2.1161 (2007 high). Though, in any case, there will be no confirmation of bullish trend reversal as long as 1.4376 resistance holds.

Daily Pivots: (S1) 1.2426; (P) 1.2637; (R1) 1.2783; More…

GBP/USD’s decline accelerated to as low as 1.2409 so far today. There is no sign of bottoming yet and intraday bias stays on the downside. Sustained trading below 61.8% retracement of 1.1958 to 1.3514 at 1.2552 will pave the way to retest 1.1958 low. On the upside, break of 1.2725 support turned resistance will retain near term bullishness and turn bias to the upside for 1.3200 resistance instead.

In the bigger picture, current development argues that rise from 1.1958 might have completed at 1.3541. It’s merely just the third leg of the consolidation pattern from 1.1946 (2016 low). Decisive break of 1.1946 will resume larger down trend from 2.1161 (2007 high). Though, in any case, there will be no confirmation of bullish trend reversal as long as 1.4376 resistance holds.

Daily Pivots: (S1) 1.2762; (P) 1.2869; (R1) 1.2935; More…

GBP/USD drops sharply today as low as 1.2618 so far. Break of 1.2725 support confirms resumption of whole decline from 1.3514. Intraday bias is now on the downside for 61.8% retracement of 1.1958 to 1.3514 at 1.2552. Some support could be seen there and break of 1.2848 minor resistance will turn intraday bias neutral first. However, sustained break of 1.2552 will pave the way to retest 1.1958 low.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2762; (P) 1.2869; (R1) 1.2935; More…

Current development suggests that corrective fall from 1.3514 is still in progress. Break of 1.2725 will confirm this case and target 61.8% retracement of 1.1958 to 1.3514 at 1.2552. On the upside, though, break of 1.3209 will indicate completion of the correction from 1.3514 and bring retest of this high.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2817; (P) 1.2971; (R1) 1.3060; More…

GBP/USD edged lower to 1.2827 today but quickly recovered. Intraday bias remains neutral for the moment. Prior rejection by 1.3209 resistance argues that corrective fall from 1.3514 might not be over yet. Break of 1.2725 will target 61.8% retracement of 1.1958 to 1.3514 at 1.2552. On the upside, though, break of 1.3209 will confirm completion of the correction from 1.3514 and bring retest of this high.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2817; (P) 1.2971; (R1) 1.3060; More…

GBP/USD’s break of 1.2993 minor support suggests rejection by 1.3209 resistance. Corrective pattern from 1.3514 is possibly still extending. Intraday bias is back on the upside for retesting 1.2725 low first. On the upside, break of 1.320/9 will confirm completion of the correction from 1.3514 and bring retest of this high.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.3033; (P) 1.3116; (R1) 1.3198; More…

Intraday bias in GBP/USD remains neutral first and further rally is in favor with 1.2993 minor support intact. On the upside, decisive break of 1.3209 should confirm completion of correction from 1.3514 at 1.2725. Further rally should be seen to retest 1.3514 next. On the downside, however, break of 1.2993 will turn bias to the downside for 1.2725 low instead.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.3033; (P) 1.3116; (R1) 1.3198; More…

GBP/USD retreated after failing to break through 1.3209 resistance and intraday bias turns neutral first. Further rise is in favor as long as 1.2993 minor support holds. On the upside, decisive break of 1.3209 should confirm completion of correction from 1.3514 at 1.2725. Further rally should be seen to retest 1.3514 next. On the downside, however, break of 1.2993 will turn bias to the downside for 1.2725 low instead.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2979; (P) 1.3015; (R1) 1.3082; More…

Intraday bias in GBP/USD remains on the upside at this point. As noted before, correction from 1.3514 should have completed at 1.2725, after hitting 50% retracement of 1.1958 to 1.3514 at 1.2736. Decisive break of 1.3209 should confirm this bullish case and target a test on 1.3514. On the downside, break of 1.2993 will dampen this bullish view and turn bias to the downside for 1.2725 low instead.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2979; (P) 1.3015; (R1) 1.3082; More…

GBP/USD’s rise from 1.2725 continues today and intraday bias stays on the upside for 1.3209 resistance. As noted before, correction from 1.3514 should have completed at 1.2725, after hitting 50% retracement of 1.1958 to 1.3514 at 1.2736. Decisive break of 1.3209 should confirm this bullish case and target a test on 1.3514. On the downside, break of 1.2993 will dampen this bullish view and turn bias to the downside for 1.2725 low instead.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

GBP/USD’s strong rebound last week, and break of 1.3018 resistance, suggests that correction from 1.3514 has completed at 1.2725, after hitting 50% retracement of 1.1958 to 1.3514 at 1.2736. Initial bias remains on the upside this week for 1.3209 resistance next. Firm break there should confirm this bullish case and target a test on 1.3514. However, break of 1.2899 minor support will bring retest of 1.2725 low instead.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

In the longer term picture, it’s still unsure whether long term down trend from 2.1161 (2007 high) has completed at 1.1946 already. Focus is immediately on 55 month EMA (now at 1.3471) and sustained break will be the first serious sign of long term reversal. Further break of trend line resistance (now at 1.3922) will be another signal. Focus would then be turned to 1.4376 key resistance for confirmation.

Daily Pivots: (S1) 1.2891; (P) 1.2929; (R1) 1.2998; More…

GBP/USD’s break of 1.3018 resistance suggests that corrective fall from 1.3514 has completed at 1.2725. That came after drawing support from 50% retracement of 1.1958 to 1.3514 at 1.2736. Intraday bias is back on the upside for 1.3209 resistance first. Firm break there should confirm this bullish case and pave the way to retest 1.3514 high.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally from 1.1958. Such rally is expected to resume latter to 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2891; (P) 1.2929; (R1) 1.2998; More…

GBP/USD’s rebound from 1.2725 extends higher today but it’s staying below 1.3018 resistance. Intraday bias remains neutral and corrective fall from 1.3514 is still in favor to continue. Break of 1.2725 will extend the corrective fall from 1.3514 to 61.8% retracement of 1.1958 to 1.3514 at 1.2552. We’d look for strong support from there to bring rebound. Break of 1.3018 will indicate short term bottoming and turn bias back to the upside instead.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally form 1.1958. Such rally is expected to resume latter to 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2803; (P) 1.2837; (R1) 1.2905; More…

No change in GBP/USD’s outlook at this point. Intraday bias stays neutral first. Further decline is expected with 1.3108 resistance intact. Sustained break of 1.2736 will extend the corrective fall from 1.3514 to 61.8% retracement at 1.2552. We’d look for strong support from there to bring rebound. Break of 1.3018 will indicate short term bottoming and turn bias back to the upside instead.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally form 1.1958. Such rally is expected to resume latter to 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2803; (P) 1.2837; (R1) 1.2905; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.2725 temporary low. Further decline is expected with 1.3108 resistance intact. Sustained break of 1.2736 will extend the corrective fall from 1.3514 to 61.8% retracement at 1.2552. We’d look for strong support from there to bring rebound. Break of 1.3018 will indicate short term bottoming and turn bias back to the upside instead.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally form 1.1958. Such rally is expected to resume latter to 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.