GBP/USD’s rebound from 1.3158 extended higher last week and breached 1.3570 support turned resistance. The development affirms the view that corrective fall from 1.4248 as complete with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Sustained trading above 1.3570 will pave the way to 1.3833 resistance next. On the downside, though, break of 1.3489 minor support will mix up the outlook and turn intraday bias neutral first.

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.

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 was still bounded in sideway pattern from 1.2036 last week and outlook is unchanged. Initial bias stays neutral this week first. Outlook also stays bearish with 1.2336 resistance intact. On the downside, firm break of 1.2036 will resume whole decline from 1.3141 for 1.1801 support next. However, break of 1.2336 will turn bias back to the upside for 38.2% retracement of 1.3141 to 1.2036 at 1.2458.

In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2346) holds, in case of rebound.

In the long term picture, there is no clear sign of trend reversal yet. Rise from 1.0351 could be part of a consolidation pattern to down trend from 2.1161 (2007 high). Rejection by 55 M EMA (now at 1.2900) will retain long term bearishness for extending the down trend at a later stage.

GBP/USD recovery to 1.3118 last week but quickly reversed. Initial bias stays neutral this week first. On the downside, sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1.2920 will resume the corrective fall from 1.3514. Next target will be 61.8% retracement at 1.2552. On the upside, above 1.3118 will turn bias to the upside for 1.3284 resistance.

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.

In the longer term picture, it’s still unsure whether long term down trend form 2.1161 (2007 high) has completed at 1.1946 already. Focus is immediately on 55 month EMA (now at 1.3523) and sustained break will be the first serious sign of long term reversal. Further break of trend line resistance (now at 1.4045) will be another signal. Focus would then be turned to 1.4376 key resistance for confirmation.

Daily Pivots: (S1) 1.3163; (P) 1.3203; (R1) 1.3240; More…

Intraday bias in GBP/USD remains as consolidation from 1.3313 temporary top is still extending. Further rise remains mildly in favor. On the upside, break of 1.3313 will target a test on 1.3482 high. However, sustained break of 1.3106 will argue that the rebound from 1.2675 has completed. Intraday bias will be turned back to the downside for 1.2853 support.

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 1.3304). 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.

Daily Pivots: (S1) 1.2732; (P) 1.2770; (R1) 1.2802; More…

GBP/USD’s break of 1.2687 support argues that rise from 1.2298 might have completed at 1.2859, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside fro 1.2633 resistance turned support first. Firm break there will target 1.2445 and below. For now, risk will be on the downside as long as 1.2859 resistance holds, in case of recovery.

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 1.2445 support will extend the corrective pattern with another decline 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.

Sideway trading continued in GBP/USD last week and outlook is unchanged. Initial bias remains neutral this week first. Break of 1.3642 will resume the rebound from 1.3356 to 1.3748 resistance. Firm break there will revive the bullish case that correction from 1.4248 has completed with three waves down to 1.3158. Further rally should then be seen to retest 1.4248 high. On the downside, though, break of 1.3485 will turn bias to the downside for 1.3356 support instead.

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.

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) 1.3968; (P) 1.4029; (R1) 1.4060; More…

GBP/USD’s decline from 1.4376 extends to as low as 1.3942 so far today. Break of 1.3965 support should now pave the way to 1.3711 key support level. On the upside, above 1.4030 minor resistance will turn intraday bias neutral and bring consolidations. But for now, near term risk will stay on the downside as long as 4 hour 55 EMA (now at 1.4142 holds).

In the bigger picture, bearish divergence condition in daily MACD is raising the chance of medium term reversal. Also, note that GBP/USD has just failed to sustain above 55 month EMA (now at 1.4257). Focus is back on 1.3711 support. Firm break there will confirm medium term reversal and target 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. For now, sustained break of 55 month EMA is needed to confirm medium term upside momentum. Otherwise, we won’t turn bullish even in case of strong rebound.

Daily Pivots: (S1) 1.3445; (P) 1.3500; (R1) 1.3564; More…

GBP/USD’s rally continues today and hits as high as 1.3623 so far. Intraday bias remains on the upside. Current rally from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, below 1.3450 minor support will turn intraday bias neutral first.

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 1.3308). 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.

GBP/USD edged higher to 1.3082 last week but quickly lost momentum and turned sideway. Initial bias remains neutral this week first. Another rise would be mildly in favor as long as 1.2845 minor support holds. Above 1.3082 will resume the rebound from 1.2675 for retesting 1.3482 high. On the downside, however, break of 1.2845 will indicate that fall from 1.3482 is not over. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690.

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.

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) 1.3002; (P) 1.3062; (R1) 1.3105; More…

Intraday bias in GBP/USD remains neutral for some consolidations below 1.3175 temporary top. Another rise is expected as long as 1.2910 support holds. Break of 1.3175 will target a test on 1.3482 high. On the downside, however, break of 1.2910 will suggest completion of the rebound. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690.

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.

Daily Pivots: (S1) 1.3256; (P) 1.3347; (R1) 1.3468; More…

Intraday bias in GBP/USD remains neutral at this point first. We’re holding on to the view that a short term top was formed at 1.3539, and deeper fall is in favor. Break of 1.3223 will target 55 day EMA (now at 1.3163) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. For now, risk will stay on the downside as long as 1.3539 resistance holds, in case of recovery.

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 1.3308). 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.

Daily Pivots: (S1) 1.2539; (P) 1.2647; (R1) 1.2708; More….

Intraday bias in GBP/USD remains mildly on the downside at this point. Decline from 1.2813 would target 55 day EMA (now at 1.2460). Sustained break there 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, firm break of 1.2813 is needed to signal rally resumption. Otherwise, risk will now stay mildly on the downside in case of recovery.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence 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) 1.3927; (P) 1.4008; (R1) 1.4103; More….

At this point, intraday bias in GBP/USD remains on the upside as the rebound from 1.3711 is in progress. As noted before, current development affirms the case that correction from 1.4345 has completed at 1.3711 already. Break of 1.4144 should confirm this bullish view and target 1.4345 and above. The larger up trend from 1.1946 might be ready to resume. ON the downside, however, break of 1.3888 minor support will dampen this bullish view. Intraday bias would be turned back to the downside to extend the decline from 1.4345 through 1.3711 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) 1.2191; (P) 1.2243; (R1) 1.2303; More….

Intraday bias in GBP/USD stays neutral first. Recovery from 1.2065 might extend higher. But as long as 1.2467 resistance holds, another fall is mildly in favor. We’ll holding on to the view that 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) 1.2656; (P) 1.2696; (R1) 1.2764; More….

Intraday bias in GBP/USD remains neutral for the moment. Some consolidations would be seen but downside should be contained by 1.2500 support. On the upside, break of 1.2755 will extend the rise from 1.1409 to 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence 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.

GBP/USD’s recovery last week was slightly stronger than expected, but it eventually settled back in established range. Initial bias stays neutral this week. On the downside, below 1.2618, and sustained trading below 1.2678 resistance turned support will argue that it’s already in a larger correction. Deeper decline would then be seen to 1.2306 support next. Nevertheless, firm break of 1.2817 minor resistance will indicate that the pull back has completed, and turn bias back to the upside for stronger rebound.

In the bigger picture, a medium term top could be in place at 1.3141 already, on bearish divergence condition in D MACD. Sustained trading below 55 D EMA (now at 1.2725) should confirm this case, and bring deeper fall to 38.2% retracement of 1.0351 to 1.3141 at 1.2075, as a correction to up trend from 1.0351 (2022 low). For now, rise will stay mildly on the downside as long as 1.3141 resistance holds, in case of strong rebound.

In the long term picture, sustained trading above 55 M EMA (now at 1.2902) will add to the case of long term bullish reversal, and target 1.4248 cluster resistance (38.2% retracement of 2.1161 (2007 high) to 1.0351 at 1.4480) for confirmation. Nevertheless, rejection by 55 M EMA will maintain long term bearishness for downside resumption at a later stage.

Daily Pivots: (S1) 1.1950; (P) 1.2112; (R1) 1.2221; More…

Interested bias in GBP/USD remains on the downside at this point. Current fall from 1.3514 should target a test on 1.1958 low. Firm break there will confirm larger down trend resumption. 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.

GBP/USD stays in range below 1.4008 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, break of 1.4008 should reaffirm the bullish case that correction from 1.4240 has completed. Further rise should be seen back to retest 1.4240 high. However, break of 1.3668 will extend the correction from 1.4240 with another falling leg.

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.