Daily Pivots: (S1) 1.3083; (P) 1.3134; (R1) 1.3192; More….

Intraday bias in GBP/USD remains neutral for consolidation above 1.3026 temporary low. At this point, deeper fall is mildly in favor as long as 1.3291 minor resistance holds. Below 1.3026 will target 1.2773 key support level. Decisive break there will affirm the bearish case of medium term reversal. Nonetheless, break of 1.3291 will suggest that the pull back from 1.3651 is completed and turn bias back to the upside.

In the bigger picture, while the medium term rebound from 1.1946 was strong, GBP/USD hit strong resistance from the long term falling trend line. Outlook is turned a bit mixed and we’ll turn neutral first. On the downside, decisive break of 1.2773 key support will argue that rebound from 1.1946 has completed. The corrective structure of rise from 1.1946 to 1.3651 will in turn suggest that long term down trend is now completed. Break of 1.1946 low should then be seen. On the upside, break of 1.3835 support turned resistance will revive the case of trend reversal and target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 .

Daily Pivots: (S1) 1.3083; (P) 1.3134; (R1) 1.3192; More….

A temporary low is in place at 1.3026 in GBP/USD and intraday bias is turned neutral first. At this point, deeper fall is mildly in favor as long as 1.3291 minor resistance holds. Below 1.3026 will target 1.2773 key support level. Decisive break there will affirm the bearish case of medium term reversal. Nonetheless, break of 1.3291 will suggest that the pull back from 1.3651 is completed and turn bias back to the upside.

In the bigger picture, while the medium term rebound from 1.1946 was strong, GBP/USD hit strong resistance from the long term falling trend line. Outlook is turned a bit mixed and we’ll turn neutral first. On the downside, decisive break of 1.2773 key support will argue that rebound from 1.1946 has completed. The corrective structure of rise from 1.1946 to 1.3651 will in turn suggest that long term down trend is now completed. Break of 1.1946 low should then be seen. On the upside, break of 1.3835 support turned resistance will revive the case of trend reversal and target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 .

Daily Pivots: (S1) 1.3019; (P) 1.3069; (R1) 1.3113; More….

With 1.3221 minor resistance intact, deeper fall is expected in GBP/USD for 1.2773 key support level. Current strong downside momentum is raising the chance of medium term reversal. Decisive break there will affirm this bearish case and bring deeper fall to retest 1.1946 low. Meanwhile, break of 1.3221 minor resistance will at least indicate near term bottoming and turn bias back to the upside for rebound.

In the bigger picture, while the medium term rebound from 1.1946 was strong, GBP/USD hit strong resistance from the falling trend line. Outlook is turned a bit mixed and we’ll turn neutral first. On the downside, decisive break of 1.2773 key support will argue that rebound from 1.1946 has completed. The corrective structure of rise from 1.1946 to 1.3651 will in turn suggest that long term down trend is now completed. Break of 1.1946 low should then be seen. On the upside, break of 1.3835 support turned resistance will revive the case of trend reversal and target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 .

GBP/USD dropped sharply to as low as 1.3026 last week as decline from 1.3651 accelerated. Initial bias remains on the downside this week for 1.2773 key support first. The strong downside momentum is raising the chance of medium term reversal. Decisive break there will affirm this bearish case and bring deeper fall to retest 1.1946 low. Meanwhile, break of 1.3221 minor resistance will at least indicate near term bottoming and turn bias back to the upside for rebound.

In the bigger picture, while the medium term rebound from 1.1946 was strong, GBP/USD hit strong resistance from the falling trend line. Outlook is turned a bit mixed and we’ll turn neutral first. On the downside, decisive break of 1.2773 key support will argue that rebound from 1.1946 has completed. The corrective structure of rise from 1.1946 to 1.3651 will in turn suggest that long term down trend is now completed. Break of 1.1946 low should then be seen. On the upside, break of 1.3835 support turned resistance will revive the case of trend reversal and target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 .

In the longer term picture, long the outlook is turned a bit mixed as GBP/USD failed to break through falling tend line resistance. We’ll turn neutral first and assess the outlook again and price actions unfold.

Daily Pivots: (S1) 1.3066; (P) 1.3158; (R1) 1.3208; More….

Intraday bias in GBP/USD remains on the downside Current decline from 1.3651 would be targeting 1.2773 key support next. We’ll start to look for bottoming around there. On the upside, above 1.3221 minor resistance will turn intraday bias neutral first. Another decline is mildly in favor after the consolidation completes.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3066; (P) 1.3158; (R1) 1.3208; More….

GBP/USD’s decline from 1.3651 is still in progress and dives to as low as 1.3059 so far. 61.8% retracement of 1.2773 to 1.3651 at 1.3108 is taken out but no sign of bottoming is seen. Intraday bias stays on the downside for 1.2773 support next. On the upside, break of 1.3290 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain mildly bearish in case of recovery.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3218; (P) 1.3254; (R1) 1.3285; More….

GBP/USD’s fall extends to as low as 1.3133 so far. Intraday bias remains on the downside for 61.8% retracement of 1.2773 to 1.3651 at 1.3108. Firm break there will target a test on 1.2773 key support it’s still early to call for trend reversal as it’s staying well inside medium term channel. But a break of the channel support (1.2942) will build up the chance of the bearish case. On the upside, above 1.3221 minor support will turn intraday bias neutral first.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3218; (P) 1.3254; (R1) 1.3285; More….

Intraday bias in GBP/USD remains on the downside for the moment. Fall from 1.3651 should extend to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. Firm break there will target a test on 1.2773 key support level. On the upside, above 1.3291 minor resistance will turn bias back to the upside for 4 hour 55 EMA (now at 1.3343) first.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3212; (P) 1.3249; (R1) 1.3277; More….

At this point, GBP/USD’s corrective fall from 1.3651 could still extend to 61.8% retracement of 1.2773 to 1.3651 at 1.3108 and below. However, break of 1.3454 will indicate completion of the pull back. In that case, intraday bias will be turned back to the upside for retesting 1.3651 high.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3212; (P) 1.3249; (R1) 1.3277; More….

With 1.3454 minor resistance intact, GBP/USD’s correction from 1.3651 could extend lower to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. However, break of 1.3454 will indicate completion of the pull back. In that case, intraday bias will be turned back to the upside for retesting 1.3651 high.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3219; (P) 1.3310; (R1) 1.3366; More….

GBP/USD’s fall from 1.3651 is still in progress and intraday bias remains on the downside. Current decline would extend to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. On the upside, break of 1.3454 minor resistance is needed to signal completion of the decline. Otherwise, near term outlook remains mildly bearish in case of recovery.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3219; (P) 1.3310; (R1) 1.3366; More….

GBP/USD’s fall from 1.3651 is still in progress and intraday bias remains on the downside. Current decline would extend to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. On the upside, break of 1.3454 minor resistance is needed to signal completion of the decline. Otherwise, near term outlook remains mildly bearish in case of recovery.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3347; (P) 1.3395; (R1) 1.3441; More….

Intraday bias in GBP/USD remains on the downside for the moment as fall from. Deeper decline would be seen to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. On the upside, break of 1.3454 minor resistance is needed to signal completion of the decline. Otherwise, near term outlook remains mildly bearish in case of recovery.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3347; (P) 1.3395; (R1) 1.3441; More….

GBP/USD’s decline from 1.3651 extends lower today and breaches 38.2% retracement of 1.2773 to 1.3651 at 1.3316. Intraday bias is now on the downside. With current downside acceleration, deeper fall could be seen to 61.8% retracement at 1.3108 next. On the upside, break of 1.3454 minor resistance is needed to signal completion of the decline. Otherwise, near term outlook remains mildly bearish in case of recovery.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

GBP/USD’s correction from 1.3651 continued last week but overall outlook is unchanged. Initial bias stays neutral this week first. Downside of retreat should be contained by 38.2% retracement of 1.2773 to 1.3651 at 1.3316 and bring rise resumption. Break of 1.3651 will extend the larger rally for 1.3835 support turned resistance next.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

In the longer term picture, current development argues that whole down trend from 2.1161 (2007 high) is completed at 1.1946 already (2016 low). It’s too early to tell if GBP/USD is starting a long term up trend. But in any case, further rise is in favor to 38.2% retracement of 2.1161 to 1.1946 at 1.5466 next. We’ll monitor the structure of the current rally from 1.1946 to decide if it’s an impulsive move.

Daily Pivots: (S1) 1.3370; (P) 1.3413; (R1) 1.3483; More….

No change in GBP/USD’s outlook. Correction from 1.3651 could extend. But we’d continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bull

Daily Pivots: (S1) 1.3370; (P) 1.3413; (R1) 1.3483; More….

No change in GBP/USD’s outlook. Correction from 1.3651 could extend. But we’d continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bull

Daily Pivots: (S1) 1.3347; (P) 1.3403; (R1) 1.3444; More….

GBP/USD recovers mildly today but it’s staying in corrective pattern from 1.3651. Intraday bias remains neutral first. We’d continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bull

Daily Pivots: (S1) 1.3347; (P) 1.3403; (R1) 1.3444; More….

GBP/USD’s correction from 1.3651 is still in progress and intraday bias remains neutral. We’d continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bull

Daily Pivots: (S1) 1.3406; (P) 1.3460; (R1) 1.3511; More….

GBP/USD dips lower today as pull back from 1.3651 extends. But there is no change in the bullish outlook. We’d continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.