Daily Pivots: (S1) 1.3542; (P) 1.3589; (R1) 1.3633; More…

Intraday bias in GBP/USD remains neutral for the moment. On the upside, above 1.3646 will resume the rebound from 1.3410 short term bottom for 1.3749 resistance first, which is close to 55 day EMA (now at 1.3730). On the downside, though, below 1.3530 minor support will retain near term bearishness, and turn bias back to the downside for 1.3410 low. Firm break there will extend the fall from 1.4248 and target 1.3164 medium term fibonacci level next.

In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.

Daily Pivots: (S1) 1.3191; (P) 1.3250; (R1) 1.3292; More…

Intraday bias in GBP/USD remains neutral at this point. Focus remains on 1.3164 medium term fibonacci level. Sustained break there 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) 1.2679; (P) 1.2717; (R1) 1.2749; More…

Intraday bias in GBP/USD is neutral for consolidation above 1.2661 temporary low. But as long as 1.2826 minor resistance holds, deeper decline is expected. Break of 1.2661 will resume the whole fall from 1.4376 and target 161.8% projection of 1.3362 to 1.2956 from 1.3212 at 1.2555. Though, break of 1.2826 will indicate short term bottoming on bullish convergence condition in 4 hour MACD. And that would bring lengthier consolidation first.

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 (now at 1.4141). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 1.3212 resistance holds. Retest of 1.1946 should be seen next.

GBP/USD’s rally accelerated to as high as 1.3514 last week. As a temporary top was formed with subsequent retreat, initial bias is neutral this week for consolidations first. Downside should be contained above 1.3050 support to bring another rally. On the upside, above 1.3514 will extend the rally from 1.1958 to 100% projection of 1.2195 to 1.3012 from 1.2827 at 1.3644 first. Break will target 161.8% projection at 1.4149 next.

In the bigger picture, rise from 1.1958 medium term bottom is on track 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 1.2827 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 1.3525) 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) 1.2541; (P) 1.2582; (R1) 1.2655; More….

GBP/USD’s rally from 1.2251 continues today and intraday bias stays on the upside. Break of 1.2587 resistance will bring retest of 1.2813 high. On the downside, break of 1.2462 support will turn bias back to the downside for 1.2251 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) 1.3212; (P) 1.3261; (R1) 1.3299; More….

A temporary top is in place at 1.3337 in GBP/USD and intraday bias is turned neutral first. Another rise is mildly in favor as long as 1.3120 minor support holds. Above 1.3337 will target a test on 1.3651 high. Break there will resume medium term rise from 1.1946 and target 1.3835 key resistance next. On the downside, below 1.3120 minor support will resume the fall from 1.3651 through 1.3026 instead.

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) 1.2244; (P) 1.2364; (R1) 1.2597; More…

Intraday bias in GBP/USD remains on the upside as rebound from 1.1409 is in progress. Sustained break of 61.8% retracement of 1.3200 to 1.1409 at 1.2516 will raise the chance of larger reversal and turn focus to 1.3200 resistance first. On the downside, though, break of 1.2144 minor support will suggest completion of the rebound and turn bias to the downside for retesting 1.1409 low.

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) 1.3017; (P) 1.3044; (R1) 1.3096; More…

GBP/USD is still staying in consolidation from 1.2971 and intraday bias remains neutral at this point. Outlook is unchanged that further fall is expected with 1.3165 resistance intact. On the downside, break of 1.2971 will resume larger down trend from 1.4248. Next target is 61.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2900. On the upside, firm break of 1.3165 will confirm short term bottoming, and turn bias back to the upside for 1.3297 resistance and above.

In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248. Decline from 1.4248 could still be a corrective move, or it could be the start of a long term down trend. In either case, deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, break of 1.3748 resistance is needed confirm completion of the fall from 1.4248, or outlook will stay bearish.

Daily Pivots: (S1) 1.3865; (P) 1.3908; (R1) 1.3948; More….

GBP/USD’s correction from 1.3951 is extending and deeper fall could be seen. Strong support should be seen in 1.3564/3758 zone to contain downside. On the upside, sustained break of 1.3951 will extend the up trend from 1.1409 to 1.4376 long term resistance next.

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 implication. 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 rebounded after edging lower to 1.1840 last week. Break of 1.0286 minor resistance argues that correction from 1.2445 has completed after drawing support from 55 day EMA. Initial bias is now on the upside this week for retesting 1.2445 high. On the downside, however, break of 1.1840 will resume the decline 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.

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.

GBP/USD stayed in consolidation from 1.3758 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, break of 1.3758 will extend the up trend form 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3564 support will turn bias to the downside for deeper correction instead.

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) 1.3418; (P) 1.3467; (R1) 1.3519; More…

A temporary low is formed at 1.3410 in GBP/USD and intraday bias is turned neutral first. Further fall is expected as long as 1.3608 support turned resistance holds. Below 1.3410 will extend the fall form 1.4248 to 1.3163 medium term fibonacci level next. Nevertheless, firm break of 1.3608 will turn bias back to the upside for stronger rebound.

In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.

Daily Pivots: (S1) 1.3899; (P) 1.3965; (R1) 1.4004; More…

Intraday bias in GBP/USD remains on the downside as fall from 1.4376 is in progress. Deeper decline would be seen 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 1.4114 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) 1.2659; (P) 1.2732; (R1) 1.2784; More…

GBP/USD’s decline from 1.3141 extends to as low as 1.2618 so far today, and met 38.2% retracement of 1.1801 to 1.3141 at 1.2629 already. There is no sign of bottoming yet and intraday bias remains on the downside. Sustained trading below 1.2678 support turned resistance will argue that it’s already in a larger correction and target 1.2306 support next. Nevertheless, strong rebound from current level, followed by break of 1.2796 resistance, will retain near term bullishness and turn bias back to the upside.

In the bigger picture, the firm break of 55 D EMA (now at 1.2723) is raising the chance of medium term topping at 1.3141. This is also supported by bearish divergence condition in D MACD. Sustained trading below 1.2678 will indicate that fall from 1.3141 is at least correcting whole up trend from 1.0351, with risk of bearish reversal. Deeper fall would be seen back to 38.2% retracement of 1.0351 to 1.3141 at 1.2075.

Daily Pivots: (S1) 1.2375; (P) 1.2441; (R1) 1.2554; More….

Intraday bias in GBP/USD remains on the upside at this point. Whole rally from 1.1409 might be resuming. Break of 1.2647 resistance will confirm at target 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, however, below 1.2375 minor support will turn bias back to the downside for 1.2065 instead.

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) 1.2893; (P) 1.2917; (R1) 1.2956; More….

Intraday bias in GBP/USD remains neutral as consolidation from 1.3012 is extending. More sideway trading could be seen first. But downside should be contained by 1.2768 support. On the upside, break of 1.3012 will resume whole rally from 1.1958. However, break of 1.2768 will bring deeper fall back to 1.2582 resistance turned support.

In the bigger picture, rise from 1.1958 medium term bottom 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) 1.2035; (P) 1.2072; (R1) 1.2109; More…

GBP/USD is staying in consolidation from 1.1960 and intraday bias stays neutral. Fall from 1.2446, as the third leg of the corrective pattern from 1.2445, could still extend lower. Below 1.1960 will target 1.1840 support and possibly below. But downside should be contained by 38.2% retracement of 1.0351 to 1.2445 at 1.1645 to bring rebound. On the upside, firm break of 4 hour 55 EMA (now at 1.2168) will bring retest of 1.2445/6.

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) 1.3077; (P) 1.3115; (R1) 1.3168; More…

Further rise could be seen in GBP/USD but outlook is overall unchanged. Price actions from 1.1946 are seen as a corrective pattern. Considering bearish divergence condition in 4 hour MACD, we’d stay cautious on strong resistance from 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 to limit upside. Break of 1.2932 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next. Though, sustained break of 1.3168 will bring further rise towards 1.3444 before completing the correction.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 1.3045; (P) 1.3117; (R1) 1.3168; More…

Intraday bias in GBP/USD is turned neutral with current recovery. Overall outlook stays bearish as long as 1.3297 resistance holds. Break of 1.2999 low will resume larger down trend from 1.4248. However, firm break of 1.3297 will bring strong rebound through 55 day EMA (now at 1.3325) and above.

In the bigger picture, current development suggests that the up trend from 1.1409 (2020 low) has completed at 1.4248. Decline from 1.4248 could still be a corrective move, or it could be the start of a long term down trend. In either case, deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3648; (P) 1.3690; (R1) 1.3766; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. Another fall is in favor with 1.3785 minor resistance intact. On the downside, firm break of 1.3570 will resume larger fall from 1.4248 to 1.3482 resistance turned support next. Break there will target 100% projection of 1.4248 to 1.3570 from 1.3982 at 1.3304. However, on the upside, break of 1.3785 will turn bias back to the upside for 1.3982 resistance intact.

In the bigger picture, current development argues that rise from 1.1409 (2020 low) has completed at 1.4248, after failing 1.4376 resistance. Fall from there could either be correcting the rise form 1.1409, or starting another falling leg inside long term sideway pattern. In either case, sustained break of 1.3482 resistance turned support will target 38.2% retracement of 1.1409 to 1.4248 at 1.3164 first. Break there will pave the way to 61.8% retracement at 1.2493.