Daily Pivots: (S1) 1.2058; (P) 1.2148; (R1) 1.2194; More….

A temporary low is formed at 1.2065 with today’s recovery and intraday bias is turned neutral first. Some consolidations would be seen but recovery should be limited below 1.2467 resistance to bring another decline. Corrective rise from 1.1409 should have completed. On the downside, below 1.2065 will target a test on 1.1409 low. However, on the upside, break of 1.2467 will turn bias to the upside for 1.2647 resistance.

In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.2464; (P) 1.2559; (R1) 1.2644; More….

GBP/USD’s fall from 1.2813 short term top is still in progress and intraday bias remains on the downside. Sustained break of 55 day EMA (now at 1.2459) will argue that whole rebound from 1.1409 has completed. In this case, deeper decline would be seen to 1.2065 support for confirmation. On the upside, above 1.2653 minor resistance will turn bias back to the upside for retesting 1.2813 instead.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.

Daily Pivots: (S1) 1.3532; (P) 1.3580; (R1) 1.3624; More…

Even though GBP/USD continues to lose downside momentum as seen in 4 hour MACD, there is no sign of rebound yet. intraday bias remains on the downside 1.3448 fibonacci level next. On the upside, above 1.3628 minor resistance will argue that a short term bottom is formed. In that case, stronger recovery could be seen back to 4 hour 55 EMA (now at 1.3770) or above before staging another fall.

In the bigger picture, current development suggests that whole medium term rebound from 1.1936 (2016 low) has completed at 1.4376 already, with trend line broken, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4248). Deeper decline should be seen to 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 first. Break will target 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3955) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3853; (P) 1.3896; (R1) 1.3922; More….

GBP/USD’s break of 1.3859 minor support suggests that recovery from 1.3785 has completed at 1.4000, after rejection by 4 hour 55 EMA. Intraday bias is back on the downside for 1.3785. Break will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, and target 1.3668 support and possibly below. On the upside, break of 1.4000 will turn bias back to the upside for retesting 1.4240/8 resistance zone instead.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

Daily Pivots: (S1) 1.2683; (P) 1.2719; (R1) 1.2753; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.2847 is still in progress. Further rally is expected as long as 1.2628 support holds. On the upside, firm break of 1.2847 will resume larger up trend and target 100% projection of 1.1801 to 1.2678 from 1.2306 at 1.3183 next. However, firm break of 1.2628 will turn bias to the downside, for deeper fall to 1.2306 support instead.

In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).

Daily Pivots: (S1) 1.4085; (P) 1.4128; (R1) 1.4173; More….

GBP/USD’s rally continues today and reaches as high as 1.4234 so far. Intraday bias remains on the upside for 1.4345 high. Decisive break there will resume larger up trend and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, break of 1.3982 support is needed to indicate completion of the rebound from 1.3711. Otherwise, outlook will stay cautiously bullish even in case of retreat.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

Daily Pivots: (S1) 1.2464; (P) 1.2559; (R1) 1.2644; More….

Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.2813 short term top is in progress. Sustained break of 55 day EMA (now at 1.2459) will argue that whole rebound from 1.1409 has completed. In this case, deeper decline would be seen to 1.2065 support for confirmation. On the upside, above 1.2653 minor resistance will turn bias back to the upside for retesting 1.2813 instead.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.

Daily Pivots: (S1) 1.2268; (P) 1.2353; (R1) 1.2423; More….

GBP/USD is still bounded in range of 1.2247/2647. Intraday bias remains neutral first. On the downside, sustained break of 1.2247 support will suggest completion of whole rebound from 1.1409. Intraday bias will be turned back to the downside for retesting this low. On the upside, break of 1.2647 will resume the rebound from 1.1409 to 1.3200 resistance next.

In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.

GBP/USD dropped to 1.3351 last week and break of 1.3410 low confirmed resumption of whole fall from 1.4248. But as a temporary low was formed, initial bias is neutral this week first. Upside of recovery should be limited below 1.3606 resistance to bring another fall. Break of 1.3351 will turn bias back to the downside for 1.3164 fibonacci level.

In the bigger picture, the structure of the fall from 1.4248 suggests that it’s a correction to the up trend from 1.1409 (2020 low) only. While deeper fall cannot be ruled out yet, downside should be contained by 38.2% retracement of 1.1409 to 1.4248 at 1.3164, at least on first attempt, to bring rebound. On the upside, firm break of 1.4376 key resistance (2018 high) will add to the case of long term bullish reversal. However, sustained trading below 1.3164 will revive some medium term bearishness and target 61.8% retracement at 1.2493.

In the longer term picture, a long term bottom should be in place at 1.1409, on bullish convergence condition in monthly MACD. Rise from there would target 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Reaction from there would reveal whether rise from 1.1409 is just a correction, or developing into a long term up trend.

Daily Pivots: (S1) 1.3892; (P) 1.3942; (R1) 1.4011; More….

Intraday bias in GBP/USD remains on the upside for 1.4144 resistance. Current development suggests that corrective pull back from 1.4345 has completed at 1.3711 already. Break of 1.4144 should confirm this bullish case and target 1.4345 high and above. On the downside, below 1.3840 minor support will turn bias to the downside to extend the corrective fall from 1.4345 instead.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

Daily Pivots: (S1) 1.3124; (P) 1.3169; (R1) 1.3200; More….

With 4 hour MACD crossed below sign line, intraday bias in GBP/USD is turned neutral first. Focus remains on 1.3174 key resistance. Sustained break above 1.3174 will suggest that whole decline from 1.4376 has completed at 1.2391 on bullish convergence condition in daily MACD. Further rise should then be seen to 61.8% retracement at 1.3618. On the downside, however, break of 1.3012 support will suggest rejection by 1.3174 key resistance, and turn bias to the downside for 1.2814 support.

In the bigger picture, rise from 1.1946 (2016 low) to 1.4376 (2018 high) is seen as a corrective move. Similarly, fall from 1.4376 to 1.2391 also displace a corrective structure. Current development suggests that rise from 1.2391 is the third leg of the corrective pattern from 1.1946 and could extend beyond 1.4376 high. Firm break of 61.8% retracement of 1.4376 to 1.2391 at 1.3618 will affirm this case. On the downside, break of 55 day EMA (now at 1.2860) will turn focus back to 1.2391 low instead.

Daily Pivots: (S1) 1.3272; (P) 1.3355; (R1) 1.3407; More…

Intraday bias in GBP/USD stays neutral first and further decline is expected with 1.3485 support turned resistance intact. On the downside, break of 1.3272 will target 1.3158 low. Further break there will resume larger down trend from 1.4248. However, firm break of 1.3485 will dampen this bearish view and turn bias back to the upside for 1.3641 resistance.

In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, up trend from 1.1409 (2020 low) is still in progress. On resumption, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Nevertheless sustained break of 1.3164 will argue that whole rise from 1.1409 has completed and bring deeper fall to 61.8% retracement at 1.2493.

Daily Pivots: (S1) 1.3650; (P) 1.3705; (R1) 1.3735; More….

No change in GBP/USD’s outlook as correction from 1.4240 might extend lower. We’d expect strong support from 38.2% retracement of 1.2675 to 1.4240 at 1.3642 to bring rebound. On the upside, above 1.3800 minor resistance will turn intraday bias neutral first. Further break of 1.4000 resistance will bring retest of 1.4240 high. However, sustained break of 1.3564 will bring deeper fall to 1.3482 key resistance turned support.

In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. Decisive break there will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

Daily Pivots: (S1) 1.3880; (P) 1.3933; (R1) 1.3977; More….

Outlook in GBP/USD remains unchanged and intraday bias stays neutral first. On the downside, break of 1.3859 minor support will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, to 1.3668 support and possibly below. On the upside, sustained break of the 4 hour 55 EMA (now at 1.3963) will turn bias back to the upside for retesting 1.4240/8 resistance zone instead.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

GBP/USD gyrated lower to 1.2880 last wee but quickly recovered. Initial bias stays neutral this week first. On the downside, break of 1.2880 should turn intraday bias to the downside for retesting 1.2675, as well as 38.2% retracement of 1.1409 to 1.3482 at 1.2690. On the upside, however, break of 1.3175 will resume the rebound from 1.2675 to retest 1.13482 high.

In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3307). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.

In the longer term picture, GBP/USD is staying below decade long trend line from 2.1161 (2007 high). It also struggles to sustain above 55 month EMA (now at 1.3307). Long term outlook stays bearish for now, despite bullish convergence condition in monthly MACD.

GBP/USD recovered after drawing support from 1.3669 last week. Initial bias remains neutral this week first. Another fall will remain in favor as long as 1.3917 resistance holds. Below 1.3668 will extend the fall from 1.4240 to 1.3482 key resistance turned support. On the upside, firm break of 1.3917 will suggest that the correction has completed, and bring stronger rise to 1.4000 resistance first.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

In the longer term picture, a long term bottom should be in place at 1.1409, on bullish convergence condition in monthly MACD. Rise from there would target 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Reaction from there would reveal whether rise from 1.1409 is just a correction, or developing into a long term up trend.

GBP/USD’s rise from 1.2036 continued last week and hit as high as 1.2613. Initial bias stays on the upside this week for 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next. On the downside, below 1.2523 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 suggests that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

In the long term picture, a long term bottom should be in place at 1.0351 on bullish convergence condition in M MACD. But momentum of the rebound from 1.3051 argues GBP/USD is merely in consolidation, rather than trend reversal. Range trading is likely between 1.0351/4248 for some more time.

Daily Pivots: (S1) 1.2058; (P) 1.2148; (R1) 1.2194; More….

Intraday bias in GBP/USD remains on the downside at this point. Corrective rise from 1.1409 should have completed. Deeper fall should be seen back to retest this low next. On the upside, above 1.2238 minor resistance will turn intraday bias neutral first. But risk will stay on the down side for another decline.

In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.2385; (P) 1.2420; (R1) 1.2461; More…

GBP/USD is still extending the consolidation pattern from 1.2524 and intraday bias remains neutral. Further rally is expected with 1.2203 resistance turned support intact. On the upside, break of 1.2524 will target 1.2759 fibonacci level first. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095.

In the bigger picture, the rise from 1.0351 medium term term bottom (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. Sustained break there will add to the case of long term bullish trend reversal. Further break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt upside acceleration to 100% projection at 1.3895. For now, this will remain the favored case as long as 1.1801 support holds, even in case of deep pull back.

Daily Pivots: (S1) 1.2581; (P) 1.2626; (R1) 1.2651; More….

Intraday bias in GBP/USD remains neutral first. Further rise will remain in favor as long as 1.2508 minor support holds. Above 1.2669 temporary top will extend the rise from 1.2251 to retest 1.2813 high. On the downside, though, break of 1.2508 support will turn bias back to the downside for 1.2251 support instead.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.