Daily Pivots: (S1) 1.2368; (P) 1.2414; (R1) 1.2495; More…

No change in GBP/USD’s outlook and intraday bias stays neutral. While recovery from 1.2298 might extend higher, upside should be limited by 1.2538 support turned resistance. On the downside, below 1.2298 will resume the fall from 1.2892 to 1.2036 support next.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.

Daily Pivots: (S1) 1.2124; (P) 1.2234; (R1) 1.2307; More…

Intraday bias in GBP/USD is turned neutral with current retreat. But further rally is expected as long as 1.1898 support holds. Above 1.2343 will resume the rise from 1.0351 and target 1.2759 medium term fibonacci level next. However, firm break of 1.1898 support will confirm short term topping and turn bias back to the downside.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.

Daily Pivots: (S1) 1.2336; (P) 1.2354; (R1) 1.2373; More…

GBP/USD’s recovery from 1.2306 extends higher today but stays below 1.2468 minor resistance. Intraday bias remains neutral first and further decline is in favor. Break of 1.2306 will resume the fall from 1.2678, as correcting whole up trend from 1.0351, to 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789). On the upside, however, firm break of 1.2468 will turn bias back to the upside for stronger rebound.

In the bigger picture, as long as 1.1801 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.1801 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.

Daily Pivots: (S1) 1.2755; (P) 1.2816; (R1) 1.2860; More….

Intraday bias in GBP/USD remains on the downside as fall from 1.3217 is in progress. As noted before, we’re holding on to the view that rebound from 1.2391 has completed at 1.3217 already, after rejection by 1.3174 key resistance. Further decline should be seen to retest 1.2391 low. On the upside, break of 1.2958 resistance is needed to be the first sign of short term bottoming. Otherwise, further decline is expected even in case of recovery.

In the bigger picture, the rejection by 1.3174 key resistance revived the original view on GBP/USD. That is, decline from 1.4376 is possibly resuming long term down trend from 2.1161 (2007 high). Firm break of 1.2391 will solidify this bearish case and target 1.1946 (2016 low). However, decisive break of 1.3174 will invalidate this bearish case again and turn outlook bullish.

Daily Pivots: (S1) 1.2366; (P) 1.2396; (R1) 1.2421; More…

Intraday bias in GBP/USD stays on the downside for the moment. Current fall from 1.3141 should target 1.3141 to 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276. Decisive break there will target 1.2075 fibonacci level next. On the upside, above above 1.2423 minor resistance will turn intraday bias neutral again. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. However, sustained break of 1.2075 will raise the chance of bearish trend reversal.

Daily Pivots: (S1) 1.1973; (P) 1.2049; (R1) 1.2096; More…

Intraday bias in GBP/USD stays neutral at this point. On the downside, break of 1.1991 will resume the fall from 1.2445 to 55 day EMA (now at 1.1916). Firm break there will target 38.2% retracement of 1.0351 to 1.2445 at 1.1645. On the upside, break of 1.2240 minor resistance will turn bias back to the upside for retesting 1.2445 instead.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248. This will remain the favored case as long as 55 day EMA (now at 1.1916) holds.

Daily Pivots: (S1) 1.2243; (P) 1.2299; (R1) 1.2387; More….

Intraday bias in GBP/USD remains on the upside at this point. Rebound from 1.1958 short term bottom should target 38.2% retracement of 1.3381 to 1.1958 at 1.2502 first. Break will target 61.8% retracement at 1.2837. On the downside, break of 1.2162 minor support will turn bias back to the downside for 1.1958 support instead.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.1973; (P) 1.2049; (R1) 1.2096; More…

GBP/USD is still bounded in very tight range and intraday bias stays neutral. On the downside, break of 1.1991 will resume the fall from 1.2445 to 55 day EMA (now at 1.1916). Firm break there will target 38.2% retracement of 1.0351 to 1.2445 at 1.1645. On the upside, break of 1.2240 minor resistance will turn bias back to the upside for retesting 1.2445 instead.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248. This will remain the favored case as long as 55 day EMA (now at 1.1916) holds.

Daily Pivots: (S1) 1.2691; (P) 1.2726; (R1) 1.2753; More…

Intraday bias in GBP/USD is turned neutral first as it continued to lost upside momentum as seen in 4H MACD. On the upside. decisive break of 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780 will extend the rally from 1.2298 to 1.2892 resistance next. However, break of 1.2685 will minor support will turn bias back to the downside, for retreat to 55 4H EMA (now at 1.2658) and below.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2298 support will extend the corrective pattern instead.

Daily Pivots: (S1) 1.2823; (P) 1.2912; (R1) 1.2961; More….

Intraday bias in GBP/USD remains neutral for consolidation below 1.3012 temporary top. Deeper retreat cannot be ruled out. But downside should be contained above 1.2582 resistance turned support to bring another rally. On the upside, above 1.3012 will extend the rise from 1.1958 to 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next.

In the bigger picture, current development affirms the case of medium term bottoming at 1.1958, ahead of 1.1946 (2016 low). At this point, rise from 1.1958 is seen as the third leg of consolidation from 1.1946. Further rise would be seen back towards 1.4376 resistance. For now, this will remain the favored case as long as 1.2195 support holds.

Daily Pivots: (S1) 1.2031; (P) 1.2075; (R1) 1.2141; More…

Range trading continues in GBP/USD and intraday bias remains neutral. On the downside, break of 1.2002 minor support will argue that rebound from 1.1759 has completed, after rejection by 55 day EMA. Intraday bias will be back on the downside for retesting 1.1759 low first. Break there will resume larger down trend. On the upside, above 1.2922 will resume the rebound from 1.1759 towards 1.2666 resistance.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.2897).

Daily Pivots: (S1) 1.3337; (P) 1.3403; (R1) 1.3447; More…

Intraday bias in GBP/USD stays on the downside. Fall from 1.3748 should target a test on 1.3158 low first. Break there will resume larger down trend from 1.4248. On the upside, though, above 1.3523 minor resistance will turn bias back to the upside for retesting 1.3748.

In the bigger picture, strong support was seen from 38.2% retracement of 1.1409 to 1.4248 at 1.3164. The development suggests that 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) 1.2580; (P) 1.2609; (R1) 1.2647; More…

Intraday bias in GBP/USD stays neutral at this point. On the upside, above 1.2641 will resume the rebound from 1.2517 to retest 1.2826 high. On the downside, however, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed and turn near term outlook bearish.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg that’s still in progress. Upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2499 support will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again.

Daily Pivots: (S1) 1.2894; (P) 1.2928; (R1) 1.2960; More…

GBP/USD rises to as high as 1.3027 so far today and intraday bias remains on the upside. Break of 1.3042 resistance will resume corrective rebound from 1.2661. Next target is 100% projection of 1.2661 to 1.3042 from 1.2784 at 1.3165. But upside should be limited by 1.3316 key fibonacci level to complete the corrective rise and bring near term reversal. On the downside, below 1.2892 minor support will turn intraday bias neutral first. Break of 1.2784 support will bring retest of 1.2661 low.

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4099). The structure and momentum of the fall from 1.4376 argues that it’s resuming long term down trend. And this will be the preferred case as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. However, firm break of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. And, the eventual depth of the fall from 1.4376, and the chance of hitting 1.1946 low, will depend on the strength of the interim corrective rebound from 1.2661.

Daily Pivots: (S1) 1.1979; (P) 1.2122; (R1) 1.2197; More…

Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.2446 is seen as the third leg of the corrective pattern from 1.2445. Deeper decline would be seen to 1.1840 support and possibly below. But downside should be contained by 38.2% retracement of 1.0351 to 1.2445 at 1.1645 to bring rebound. On the upside, above 1.2181 minor resistance will turn intraday bias neutral first. But risk will stay mildly on the downside as long as 1.2445/6 holds, in case of recovery.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.

Daily Pivots: (S1) 1.3157; (P) 1.3221; (R1) 1.3272; More….

GBP/USD is staying in consolidation from 1.3350 temporary top and intraday bias remains neutral. Deeper retreat could be seen but downside should be contained by 1.3109 support to bring anther rally. On the upside, On the upside, break of 1.3350 will extend the rise from 1.2391 to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. Sustained break will pave the way to 1.4376. However, break of 1.3109 will turn focus back to 1.2773 near term support instead.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.

Daily Pivots: (S1) 1.2966; (P) 1.3007; (R1) 1.3072; More…

No change in GBP/USD’s outlook as corrective pattern from 1.3514 is extending. On the downside, sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1,2920 will pave the way to 61.8% retracement at 1.2552. On the upside, break of 1.3209 should bring retest of 1.3514 high.

In the bigger picture, rise from 1.1958 medium term bottom is expected to extend higher to retest 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. In any case, for now, outlook will stay bullish as long as 1.2582 resistance turned support holds.

Daily Pivots: (S1) 1.2948; (P) 1.3011; (R1) 1.3126; More….

GBP/USD’s break of 1.2957 minor resistance suggests that pull back from 1.3217 has completed at 1.2773 already. Intraday bias is turned back to the upside for retesting 1.3174/3217 key resistance zone. Decisive break there will complete a head and shoulder bottom pattern (ls: 1.2661, h: 1.2391, rs: 1.2773). That would indicate bullish reversal for 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. On the downside, break of 1.2895 minor support will turn bias back to the downside for 1.2773 instead.

In the bigger picture, focus is back on 1.3174 resistance with current rebound. Break will indicate completion of decline from 1.4376. Rise from 1.2391 would then be seen as the third leg of the corrective pattern from 1.1946 (2016 low). In that case, further rise could be seen through 1.4376 resistance. Nevertheless, rejection by 1.3174 again will extend the decline from 1.4376 through 1.2391 to 1.1946 low.

Daily Pivots: (S1) 1.3381; (P) 1.3429; (R1) 1.3489; More….

GBP/USD is staying in consolidation from 1.3549 and intraday bias remains neutral. We’d expect downside of retreat to be contained by 1.3337 resistance turned support to bring another rise. Above 1.3549 will target 1.3651 and above. However, decisive break of 1.3337 will argue that rise from 1.3038 has completed and turn bias back to the downside for this support.

In the bigger picture, while the medium term rebound from 1.1946 low is strong, it’s still limited below 1.3835 key support turned resistance. As long as 1.3835 holds, we’d view such rebound as a correction. That is, we’d expect another leg in the long term down trend through 1.1946 low. However, sustained break of 1.3835 should at least send GBP/USD to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

Daily Pivots: (S1) 1.2930; (P) 1.2960; (R1) 1.3019; More…

Intraday bias in GBP/USD remains on the upside despite current retreat. Rise fro 1.2298 is in progress for 100% projection of 1.2298 to 1.2859 from 1.2612 at 1.3173, which is slightly above 1.3141 key medium term resistance. On the downside, below 1.2898 minor support will turn bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, corrective pattern from 1.3141 medium term top (2023 high) could have completed with three waves to 1.2298 already. This will now remain the favored case as long as 1.2612 support holds. Firm break of 1.3141 will target 61.8% projection of 1.0351 (2022 low) to 1.3141 from 1.2298 at 1.4022.