Daily Pivots: (S1) 1.2227; (P) 1.2283; (R1) 1.2360; More….

Intraday bias in GBP/USD remains on the downside as fall from 1.2582 is in progress to retest 1.1946/58 key support zone next. On the upside, above 1.2346 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 1.2582 resistance holds.

In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2724) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 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.

GBP/USD’s fall form 1.3141 extended lower last week and the break of 1.2847 resistance turned support argues that larger correction is underway. Initial bias stays on the downside this week for 55 D EMA (now at 1.2692). On the upside, break of 1.2963 minor resistance will turn bias back to the upside retest 1.3141 high instead.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise form 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least corrective this rally, with risk of bearish reversal.

In the long term picture, sustained trading above 55 M EMA (now at 1.2911) will add to the case of long term bullish reversal. Decisive break of 1.4248 cluster resistance (38.2% retracement of 2.1161 (2007 high) to 1.0351 at 1.4480) will confirm completion of whole down trend from 2.1161. Nevertheless, rejection by 1.4248/4480 will keep long term outlook neutral at best.

Daily Pivots: (S1) 1.3753; (P) 1.3779; (R1) 1.3817; More….

Intraday bias in GBP/USD stays neutral at this point. On the downside, break of 1.3730 support will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240. Deeper decline would be seen to 1.3668 support and possibly below. On the upside, break of 1.4000 resistance will argue that fall from 1.4248 has completed. Intraday bias will be turned back to the upside for retesting 1.4240/8 resistance zone.

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) 1.2459; (P) 1.2494; (R1) 1.2529; More…

GBP/USD breached 1.2443 support briefly but quickly recovered. Intraday bias stays neutral first. More consolidation could be seen, but upside should be limited by 1.2618 support turned resistance to bring another fall. Firm break of 1.2443 will resume the decline from 1.3141 and target 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276.

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. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.

GBP/USD rose further to as high as 1.4240 last week but retreated since then. Initial bias stays neutral this week for more consolidations first. Further rally is expected as long as 1.3828 support holds. Break of 1.4240 will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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.

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) 1.2646; (P) 1.2699; (R1) 1.2739; More…

GBP/USD is still bounded in range trading and intraday bias stays neutral. Another fall cannot be ruled out, but downside should be contained above 1.2499 support to bring rebound. On the upside, firm break of 1.2784 resistance will suggest that consolidation pattern has completed. Further rise should be seen through 1.2826 to resume the rally from 1.2036. Next target will be 1.3141 high.

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 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) 1.3076; (P) 1.3125; (R1) 1.3177; More…

Intraday bias in GBP/USD stays neutral for consolidation below 1.3174 temporary top. With 1.2951 minor support intact, further rise could still be seen to 1.3257/3297 resistance zone. However, as rise fro 1.2692 is seen as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 and then 1.2661 key support.

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. 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) 1.2698; (P) 1.2735; (R1) 1.2770; More…

While GBP/USD’s pull back from 1.2826 extends lower today, it’s staying above 1.2611 support so far. Intraday bias remains neutral first. On the upside, break of 1.2826 will resume whole rally from 1.2036. However, break of 1.2611 will indicate short term topping, and turn bias back to the downside for 1.2499 support.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to rise from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg that’s 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.

GBP/USD turned into sideway trading below 1.2343 last week. Initial bias stays neutral this week first, but further rally is expected as long as 1.1898 support holds. Break of 1.2343 will resume larger rally 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.

In the longer term picture, as long as 1.4248 resistance holds (2021 high), long term outlook will remain neutral at best. Down trend from 2.1161 (2007) could still resume for another low through 1.0351 at a later stage.

Daily Pivots: (S1) 1.2881; (P) 1.2926; (R1) 1.2949; More….

GBP/USD’s decline extends to as low as 1.2833 so far. Break of 1.2865 should confirm completion of rebound from 1.2391, at 1.3381. Intraday bias stays on the downside and deeper decline would be seen back to retest 1.2391 low. On the upside, above 1.2923 minor resistance will turn intraday bias neutral for consolidation first. But recovery should be limited well below 1.3176 resistance to bring fall resumption.

In the bigger picture, medium term decline from 1.4376 (2018 high) halted and made a medium term bottom after hitting 1.2391. Rebound from 1.2391 is seen as a corrective move for now. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.

Daily Pivots: (S1) 1.1328; (P) 1.1413; (R1) 1.1558; More…

GBP/USD’s rise from 1.0351 resumed by breaking through 1.1494 resistance. Intraday bias is now on the upside for 61.8% projection of 1.0351 to 1.1494 from 1.0922 at 1.1628. Further break there will pave the way to 100% projection at 1.2065. On the downside, below 1.1256 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 1.0922 support holds, in case of retreat.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2392).

Daily Pivots: (S1) 1.1052; (P) 1.1143; (R1) 1.1260; More…

Intraday bias in GBP/USD remains on the upside as rebound from 1.0351 is in progress. Further rally would be seen to 61.8% retracement of 1.2292 to 1.0351 at 1.1551. On the downside, break of 1.0760 minor support will indicate that the rebound is over, and bring retest of 1.0351 low.

In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.

Daily Pivots: (S1) 1.3227; (P) 1.3256; (R1) 1.3295; More…

Intraday bias in GBP/USD remains neutral at this point. On the downside, sustained break of 1.3164 medium term fibonacci level will carry larger bearish implication, and target 161.8% projection of 1.4248 to 1.3570 from 1.3833 at 1.2736. Nevertheless, break of 1.3369 minor resistance will turn bias back to the upside for 1.3512 resistance first.

In the bigger picture, immediate focus is now on 38.2% retracement of 1.1409 to 1.4248 at 1.3164. Sustained break there will argue that whole rise from 1.1409 has completed at 1.4248, ahead rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 61.8% retracement at 1.2493.

Daily Pivots: (S1) 1.2862; (P) 1.2907; (R1) 1.2977; More….

GBP/USD’s rally extends to as high as 1.2986 so far today and intraday bias remains on the upside. Current rise from 1.1409 should target 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, below 1.2912 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.2669 resistance turned support to bring another rally.

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) 1.2825; (P) 1.2925; (R1) 1.3099; More…

Intraday bias in GBP/USD remains on the upside for the moment. Rebound form 1.2692 is in progress for 1.3297 resistance. For now, price actions from 1.2661 are seen as a consolidation pattern. We’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2908 minor support will turn bias back to the downside for 1.2692 instead.

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. 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) 1.2173; (P) 1.2211; (R1) 1.2270; More…

Intraday bias in GBP/USD is turned neutral first with today’s retreat. On the upside, above 1.2288 will resume the rebound from 1.1840 to retest 1.2445 high. Decisive break there will resume whole rally from 1.0351 to 1.2759 fibonacci level. On the downside, break of 1.2086 minor support will turn intraday bias back to the downside for 1.1840 support 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.

Daily Pivots: (S1) 1.3223; (P) 1.3279; (R1) 1.3337; More…

No change in GBP/USD’s outlook as recovery from 1.3101 is in progress and could extend higher. But upside is expected to be limited by 1.3471 resistance to bring fall resumption. On the downside, break of 1.3101 will resume the whole decline from 1.4376 and target 61.8% retracement of 1.1946 to 1.4376 at 1.2875 next.

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 firmly, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4177). 61.8% retracement of 1.1936 (2016 low) to 1.4376 at 1.2874 is the next target. We’ll pay attention to the reaction from there to asses the chance of long term down trend resumption. For now, outlook will stay bearish as long as 55 day EMA (now at 1.3507) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3230; (P) 1.3273; (R1) 1.3307; More…

No change in GBP/USD’s outlook as consolidation from 1.3101 is in progress. Further rise could be seen. But upside of recovery should be limited by 1.3471 resistance to bring fall resumption. On the downside, break of 1.3101 will resume the whole decline from 1.4376 and target 61.8% retracement of 1.1946 to 1.4376 at 1.2875 next.

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 firmly, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4177). 61.8% retracement of 1.1936 (2016 low) to 1.4376 at 1.2874 is the next target. We’ll pay attention to the reaction from there to asses the chance of long term down trend resumption. For now, outlook will stay bearish as long as 55 day EMA (now at 1.3507) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3272; (P) 1.3327; (R1) 1.3363; More…

Intraday bias in GBP/USD remains neutral at this point. On the upside, above 1.3397 will target 1.3498 resistance first. Decisive break of 1.3482 high will resume whole rise from 1.1409. Further rally should then be seen to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside,break of 1.3195 support will turn bias back to the downside, to extend the consolidation from 1.3482 with another falling leg.

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) 1.3684; (P) 1.3729; (R1) 1.3789; More…

No change in GBP/USD’s outlook and intraday bias stays on the upside. Further rise should be seen to 1.3912 key structural resistance. Firm break there will indicate that the correction from 1.4248 is complete with three waves down to 1.3410. Further rally would then be seen to retest 1.4248 high. On the downside, however, break of 1.3567 support will turn bias back to the downside for 1.3410 low instead.

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.