GBP/USD stayed in consolidation from 1.3313 last week and outlook is unchanged. Initial bias remains neutral this week first and another rise is in favor. On the upside, break of 1.3313 will resume whole rebound from 1.2675 to retest 1.3482 resistance. On the downside, however, firm break of 1.3106 support 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 1.3308). 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.

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 1.3308). Long term outlook stays bearish for now, despite bullish convergence condition in monthly MACD.

Daily Pivots: (S1) 1.2892; (P) 1.2923; (R1) 1.2960; More…

Intraday bias in GBP/USD remains neutral for the moment. Consolidation from 1.3514 is still in progress and further decline is in favor as long as 1.3069 resistance holds. Break of 1.2849 will extend the corrective fall from 1.3514 to 50% retracement of 1.1958 to 1.3514 at 1.2736. However, break of 1.3069 will turn bias to the upside for 1.3209 resistance.

In the bigger picture, rise from 1.1958 medium term bottom is not completed yet despite current pull back form 1.3514. Such rally is expected to resume later 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. In any case, for now, outlook will stay bullish as long as 1.2582 resistance turned support holds.

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) 1.2197; (P) 1.2217; (R1) 1.2248; More…

Intraday bias in GBP/USD is turned neutral with current recovery. But outlook is unchanged that corrective rebound from 1.2036 should have completed with three waves up to 1.2426. Below 1.2185 will bring deeper fall to retest 1.2036/68 support zone next. Firm break there will resume larger down trend from 1.3141. However, firm break of 1.2307 will dampen this view and bring stronger rise back to 1.2426 resistance.

In the bigger picture, rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458, suggests fall from 1.3141 is still in progress. Sustained break of 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will bring deeper decline to 61.8% retracement at 1.1417, even just as a corrective move.

Daily Pivots: (S1) 1.3349; (P) 1.3390; (R1) 1.3464; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.3272 is still extending. Further fall is expected as long as 1.3485 support turned resistance holds. On the downside, break of 1.3272 will target 1.3158 low. 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) 1.3102; (P) 1.3140; (R1) 1.3186; More…

GBP/USD’s break of 1.3175 resistance suggests resumption of rebound from 1.2675. Intraday bias is now on the upside. Break of near term channel resistance (now at 1.3252) will indicate upside acceleration and pave the way to retest 1.3482 high. On the downside, break of 1.3092 support will mix up the near term outlook and turn intraday bias neutral again.

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) 1.3415; (P) 1.3476; (R1) 1.3541; More….

Intraday bias in GBP/USD remains neutral as consolidation from 1.3549 temporary top continues. Downside of retreat should 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) 1.2187; (P) 1.2247; (R1) 1.2296; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.2200 extends. Another rise cannot be ruled out but upside 1.2200 should be limited 1.2509 resistance and bring fall resumption. Corrective rise from 1.1946 has completed at 1.2774. Below 1.2200 will target a test on 1.1946 low. Decisive break there will confirm larger down trend resumption.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

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Daily Pivots: (S1) 1.3649; (P) 1.3697; (R1) 1.3783; More….

GBP/USD is in deep retreat but with 1.3608 support intact, further rise is expected. Current up trend from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, however, break of 1.3608 support will now suggest short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper pull back.

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. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

Daily Pivots: (S1) 1.3814; (P) 1.3940; (R1) 1.4035; More…..

Intraday bias in GBP/USD remains neutral for the moment. At this point, it’s still unsure whether decline from 1.4345 is correcting rise from 1.3038, or that from 1.1946, or it’s reversing the trend. But another fall will remain in favor as long as 1.4345 resistance holds. Below 1.3835 will target 1.3651 resistance turned support first. Break of 1.3651 will turn focus to key fibonacci level at 1.3429.

In the bigger picture, sustained break of 1.3835 key resistance level indicates that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. Further rise should now be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Medium term outlook will stay bullish 38.2% retracement of 1.1946 to 1.4345 at 1.3429, in case of deep pull back.

Daily Pivots: (S1) 1.2190; (P) 1.2295; (R1) 1.2352; More…

Intraday bias in GBP/USD remains on the downside at this point. Current down trend should target 200% projection of 1.3641 to 1.2999 from 1.3297 at 1.2013 next. On the upside, above 1.2399 minor resistance will turn intraday bias neutral again. But outlook will stay bearish as long as 1.2637 resistance holds.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) at least at the same degree as the rise from 1.1409 (2020 low). That is, fall from 1.4248 could be a leg inside the pattern from 1.1409, or resuming the longer term down trend. In either case, deeper decline is expected as long as 1.2999 support turned resistance holds. Next target is 1.1409 low.

GBP/USD gyrated higher last week but upside is capped below 1.2826 resistance. Initial bias stays neutral this week first, and more sideway trading would be seen. On the upside, decisive break of 1.2826 will resume whole rally from 1.2036. Nevertheless, another fall and break of 1.2611 will bring deeper correction to 1.2499 support instead.

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.

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) 1.2422; (P) 1.2485; (R1) 1.2528; More…

GBP/USD is still bounded in range of 1.2346/2705 and intraday bias stays neutral for the moment. Price actions from 1.1946 are viewed as a consolidation pattern, with rise from 1.1986 as the third leg. In case of another rise, we’d expect upside to be limited by 1.2774 to bring larger down trend resumption. On the downside, below 1.2346 will revive the case that such consolidation is completed at 1.2705 already. In that case, intraday bias will turn back to the downside for retesting 1.1946 low.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

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Daily Pivots: (S1) 1.2513; (P) 1.2578; (R1) 1.2617; More…

Intraday bias in GBP/USD remain son the downside for 1.2517 structural support. Decisive break there will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish. For now, risk will stay on the downside as long as 1.2667 resistance holds, in case of recovery.

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, which might still be in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2517 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) 1.2813; (P) 1.2872; (R1) 1.2926; More….

GBP/USD’s rebound from 1.2391 is still in progress and intraday bias stays on the upside. Such rebound is seen as correcting whole down trend from 1.4376. Further rally would be seen to 1.3174 resistance, which is close to 38.2% retracement of 1.4376 to 1.2391 at 1.3149. We’d expect strong resistance from there to limit upside, at least on first attempt. On the downside, break of 1.2709 minor support will argue that such rebound is completed and turn bias back to the downside for retesting 1.2391 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. The structure and momentum of the fall from 1.4376 argues that it’s resuming long term down trend from 2.1161 (2007 high). And this will now remain the preferred case as long as 1.3174 structural resistance holds. GBP/USD should target a test on 1.1946 first. Decisive break there will confirm our bearish view. However, sustained break of 1.3174 will invalidate this case and turn outlook bullish.

Daily Pivots: (S1) 1.4122; (P) 1.4170; (R1) 1.4249; More…

Intraday bias in GBP/USD stays neutral and range trading continues. With 1.4090 minor support intact, further rally is expected. On the upside, decisive break of 1.4240 will resume larger up trend for 1.4376 key resistance next.. On the downside, firm break of 1.4090 support will suggest rejection by 1.4240 resistance. Consolidation from 1.4240 would be then starting another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support 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.

Daily Pivots: (S1) 1.2997; (P) 1.3057; (R1) 1.3145; More….

Intraday bias in GBP/USD remains mildly on the upside at this point. Corrective fall from 1.3514 could have completed at 1.2905, after drawing support from 38.2% retracement of 1.1958 to 1.3514 at 1.2920. Further rise would be seen back to retest 1.3514 high. On the downside, sustained trading below 1.2920 will pave the way to 61.8% retracement at 1.2552.

In the bigger picture, rise from 1.1958 medium term bottom 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.

GBP/USD’s sharp decline and break of 1.2768 support last week indicates resumption of decline from 1.3047. Also, it affirmed the case that consolidation pattern from 1.1946 has completed at 1.3047 already, well below 1.3444 key resistance. Initial bias stays on the downside this week for 1.2614 key near term support. Break there would confirm our bearish view and target a test on 1.1946 low next. On the upside, above 1.2802 will bring turn bias neutral and bring recovery. But outlook will remain bearish as long as 1.2977 resistance holds.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. Price actions from 1.1946 medium term low are seen as a consolidation pattern, which could have completed after hitting 55 week EMA. Break of 1.1946 low will target 61.8% projection of 1.5016 to 1.1946 from 1.3047 at 1.1150 next. In case the consolidation from 1.1946 extends, outlook will stay remain bearish as long as 1.3444 resistance holds.

In the longer term picture, no change in the view that down trend from 2.1161 is still in progress. On resumption, such decline would extend deeper to 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532.

Daily Pivots: (S1) 1.2526; (P) 1.2547; (R1) 1.2581; More…

GBP/USD is staying in range below 1.2633 and intraday bias remains neutral. Further rise is mildly in favor with 1.2445 support intact. On the upside, break of 1.2633 will resume the rally from 1.2298 to 1.2708 resistance next. However, firm break of 1.2445 will indicate that this rebound has completed, and revive near term bearishness. Retest of 1.2298 should then be seen in this case.

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) 1.2494; (P) 1.2529; (R1) 1.2568; More…

GBP/USD’s rally is still in progress and intraday bias stays on the upside. Current rise from 1.2036 should target 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next. On the downside, though, below 1.2447 minor support will turn intraday bias again first, and bring lengthier consolidations.

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 argues that current rise from 1.2036 is 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.