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.

Daily Pivots: (S1) 1.2919; (P) 1.3004; (R1) 1.3052; More…

GBP/USD’s fall is still in progress and intraday bias remains on the downside for 1.2921 support. Firm break there will add to the case that corrective rise from 1.2661 has completed. Next target will be 1.2661/2784 support zone. On the upside, above 1.3011 minor resistance will turn intraday bias neutral again. Also, in case of another rise, upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually.

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.

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) 1.0881; (P) 1.1000; (R1) 1.1238; More…

GBP/USD’s rebound from 1.0351 extended higher today and the break of 4 hour 55 EMA (now at 1.1037) is a positive sign. For now, intraday bias is mildly on the upside for further rise 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) 1.1698; (P) 1.1836; (R1) 1.2032; More…

GBP/USD recovers further today but stays below 1.2129 resistance. Intraday bias remains neutral for the moment. Upside should be limited by 1.2129 minor resistance to bring fall resumption. On the downside, break of 1.1409 will resume larger down trend. However, firm break of 1.2129 will dampen immediate bearish case and bring stronger rebound.

In the bigger picture, down trend from 2.1161 (2007 high) has just resumed. 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) 1.3346; (P) 1.3394; (R1) 1.3471; More…

Focus remains on 1.3482 resistance in GBP/USD. Decisive break there will confirm resumption of whole rise from 1.1409. Next target will be 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3283 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.

GBP/USD edged higher to 1.3758 last week but lost momentum quickly and turn sideway again. Initial bias remains neutral this week first. On the upside, break of 1.3758 will extend the whole up trend from 1.1409 to 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.

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) 1.3862; (P) 1.3887; (R1) 1.3928; More….

GBP/USD is struggling to stay above 4 hour 55 EMA but for the moment it’s kept well above 1.3177 temporary low. Intraday bias remains neutral first. As noted before, decline from 1.4345 is in favor to extend with 1.4144 resistance intact. Below 1.3711 will resume the fall from 1.4345 through 1.3651 resistance turned support. We’ll look for strong support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 to contain downside and bring rebound.

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) 1.2756; (P) 1.2790; (R1) 1.2811; More….

Intraday bias in GBP/USD remains neutral as consolidation form 1.3012 is extending. Deeper fall cannot be ruled out. But downside should be contained above 1.2582 resistance turned support to bring rise resumption. On the upside, break of 1.3012 will resume 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, a medium term bottom was formed 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 1.2582 resistance turned support holds. However, firm break of 1.2582 will turn focus back to 1.1946 low.

Daily Pivots: (S1) 1.2011; (P) 1.2070; (R1) 1.2102; More…

No change in GBP/USD’s outlook as fall form 1.3514 is still in progress. Sustained break of 261.8% projection of 1.3514 to 1.2905 from 1.3200 at 1.1606 will pave the way to 461.8% projection at 1.0388. On the upside, break of 1.2129 resistance is needed to indicate short term bottoming. Otherwise, outlook stays bearish in case of recovery.

In the bigger picture, down trend from 2.1161 (2007 high) has just resumed and . 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) 1.1583; (P) 1.1692; (R1) 1.1877; More…

No change in GBP/USD’s outlook as consolidation form 1.1409 is still extending. Stronger recovery cannot be ruled out. But upside should be limited by 1.2129 minor resistance to bring fall resumption. On the downside, break of 1.1409 will resume larger down trend. However, firm break of 1.2129 will dampen immediate bearish case and bring stronger rebound.

In the bigger picture, down trend from 2.1161 (2007 high) has just resumed. 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) 1.2107; (P) 1.2143; (R1) 1.2184; More…

GBP/USD’s rally from 1.1840 resumed after brief consolidation and intraday bias back on the upside. Further rise should be seen 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 1.2099 minor support will turn intraday bias neutral first. Break of 1.1840 will resume the correction from 1.2445 to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

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) 1.3765; (P) 1.3792; (R1) 1.3848; More….

GBP/USD’s rally is still in progress and intraday bias stays on the upside for the moment. Current up trend from 1.1409 is in progress for 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3740 minor support will turn bias neutral and bring consolidations. But outlook will stay bullish as long as 1.3564 support holds.

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 open the case of long term up trend. 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.

GBP/USD quickly rebounded after initial pullback last week. But it stayed below 1.3890 resistance so far. Initial bias remains neutral this week first. On the upside, above 1.3890 will resume the rise from 1.3601 for 1.3982 resistance. Decisive break there will l indicate that fall from 1.4248 has completed. On the downside, however, break of 1.3725 support will turn bias back to the downside for retesting 1.3570/3601 support zone instead.

In the bigger picture, as long as 1.3482 resistance turned support holds, we’d still treat price actions from 1.4248 as a corrective move. That is, up trend from 1.1409 (2020 low) is in favor to resume. Decisive break of 1.4376 key resistance (2018 high) would indeed carry long term bullish implications. However, sustained break of 1.3482 will at least bring deeper fall to 38.2% retracement of 1.1409 to 1.4248 at 1.3164, or even further 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) 1.3046; (P) 1.3108; (R1) 1.3145; More….

Focus is turned to 1.3013 minor support in GBP/USD. Break there will indicate short term topping. Intraday bias will be turned to the downside for 4 hour 55 EMA (now at 1.2915) and below. But downside should be contained by 1.2813 cluster support (38.2% retracement of 1.2251 to 1.3170 at 1.2819) to bring rebound. On the upside, break of 1.3170 will resume larger rise from 1.1409 to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next.

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) 1.3706; (P) 1.3786; (R1) 1.3831; More….

Intraday bias in GBP/USD remains on the downside as correction form 1.4240 is extending. Deeper fall could be seen to 38.2% retracement of 1.2675 to 1.4240 at 1.3642. We’d expect strong support from there to bring rebound. On the upside, break of 1.4000 resistance will bring retest of 1.4240. However, sustained break of 1.3564 will bring deeper fall to 1.3842 key resistance turned support.

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.

Daily Pivots: (S1) 1.2394; (P) 1.2442; (R1) 1.2525; More….

GBP/USD is still staying below 1.2542 resistance and intraday bias remains neutral first. Firm break of 1.2542 will suggest completion of the pullback from 1.2813. Intraday bias will be turned back to the upside to retest 1.2813 and break will resume the whole rise from 1.1409. On the downside, break of 1.2251 will resume the decline to 1.2065 key near term support instead.

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) 1.3262; (P) 1.3354; (R1) 1.3418; More…

No change in GBP/USD’s outlook and intraday bias remains neutral at this point. Another fall could still be seen with 1.3539 resistance intact. On the downside, sustained break of 1.3134 should confirm another rejection by 1.3514 key resistance. Deeper decline would be seen back to 1.2675 support next. Nevertheless sustained break of 1.3539 would resume whole rise from 1.1409 and carry larger bullish implications.

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) 1.2685; (P) 1.2723; (R1) 1.2772; More….

No change in GBP/USD’s outlook even though upside momentum is diminishing. Further rise is still in favor as long as 1.2480 support holds, to 1.2813. Break there will resume whole rise from 1.1409. Next target will be 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303. However, break of 1.2480 will turn bias back to the downside for 1.2251 support.

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) 1.3398; (P) 1.3445; (R1) 1.3478; More…

GBP/USD’s decline from 1.4376 is in progress and intraday bias stays on the downside. Next target will be 50% retracement of 1.1946 to 1.4376 at 1.3161. Break will target 61.8% retracement at 1.2874. On the upside, 1.3441 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another decline.

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, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4249). 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 should now be firmly taken out. Next target will be 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3761) holds, even in case of strong rebound.