Daily Pivots: (S1) 1.2111; (P) 1.2141; (R1) 1.2191; More…

GBP/USD is staying in consolidation above 1.2079 temporary low and intraday bias remains neutral first. In case of stronger recovery, upside should be limited by 1.2382 support turned resistance to bring fall resumption. On the downside, break of 1.2079 will target 1.1946 low. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break 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. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.3089; (P) 1.3125; (R1) 1.3177; More…

No change in GBP/USD’s outlook as corrective pattern from 1.2956 is extending. Intraday bias remains neutral. Stronger rise cannot be ruled out. But upside should be limited below 1.3362 resistance to bring fall resumption eventually. On the downside, break of 1.2956 will resume the decline from 1.4376 to 1.2874 fibonacci level.

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 1.4179). Fall from 1.4376 should extend to 61.8% retracement of 1.1946 (2016 low) to 1.4376 at 1.2874 next. Decisive break of 1.2874 will raise the chance of long term down trend resumption through 1.1946 low. On the upside, break of 1.3362 resistance is needed to be the first indication of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

Daily Pivots: (S1) 1.3933; (P) 1.4033; (R1) 1.4084; More….

Intraday bias in GBP/USD remains on the downside at this point. Current fall is seen as the third leg of the consolidation pattern from 1.4240. Deeper decline would be seen to 1.3668/3800 support zone. On the upside, above 1.4033 minor resistance will turn intraday bias neutral and bring recovery first, before staging another decline.

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) 1.2665; (P) 1.2681; (R1) 1.2702; More…

Intraday bias in GBP/USD stays neutral at this point and outlook is unchanged. On the upside, break of 1.2708 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed and turn near term outlook bearish.

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 could be still in progress. But 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) 1.3305; (P) 1.3362; (R1) 1.3405; More…

GBP/USD’s decline resumes by breaking 1.3272 temporary low. Intraday bias is back on the downside for 1.3158 low. Further break there will resume larger down trend from 1.4248. For now, outlook will stay bearish as long as 1.3416 resistance holds, in case of recovery.

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) 1.2840; (P) 1.2872; (R1) 1.2935; More…

Immediate focus is now on 1.2963 minor resistance as rebound from 1.2796 extends. Firm break there will indicate that pull back from 1.3141 has completed. Intraday bias will be back on the upside for retesting this high next. On the downside, break of 1.2796 will resume the fall from 1.3141 to 55 D EMA (now at 1.2721) and possibly below.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 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 correcting this rally, with risk of bearish reversal.

Daily Pivots: (S1) 1.2465; (P) 1.2554; (R1) 1.2679; More…

Intraday bias in GBP/USD remains neutral first. Further rise is in favor as long as 1.2247 support holds. Break of 1.2647 will resume the rise form 1.1409 and target 1.3200 resistance next. On the downside, break of 1.2247 support will indicate completion of rebound from 1.1409. Intraday bias will be turned back to the downside for retesting 1.1409 low.

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) 1.2035; (P) 1.2068; (R1) 1.2091; More….

GBP/USD is staying in consolidation from 1.2014 and intraday bias remains neutral first. Further decline is expected with 1.2209 resistance intact. On the downside break of 1.2014 will target 1.1946 low first. Firm break there will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. On the upside, break of 1.2209 resistance will suggest short term bottoming. In this case, lengthier consolidation should be seen first before another decline.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break 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. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.2513; (P) 1.2575; (R1) 1.2699; More…

GBP/USD is still bounded in consolidation from 1.2410 and intraday bias remains neutral. Stronger rebound cannot be ruled out, but upside should be limited below 1.2999 support turned resistance. On the downside, break of 1.2410 will target 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258.

In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248, ahead of 1.4376 long term resistance (2018 high). Based on current momentum, fall from 1.4248 is probably the start of a long term down trend. The break of 61.8% retracement of 2.1161 to 1.1409 at 1.2493 is affirming this bearish case too. For now, deeper decline would be seen as long as 1.3158 support turned resistance holds. Next target is 1.1409 low.

Daily Pivots: (S1) 1.2455; (P) 1.2522; (R1) 1.2559; More…

GBP/USD is staying in tight range below 1.2666 and intraday bias remains neutral. On the downside, break of 1.2457 minor support will suggest that rebound from 1.2154 has completed. Intraday bias will be back on the downside for resting this low. On the upside, above 1.2666 will target 55 day EMA (now at 1.2722) and above.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2999 support turned resistance holds. On resumption, next target is 1.1409 low.

GBP/USD stayed in established range last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, below 1.3777 will extend the correction from 1.4240 with another fall. But downside should be contained by 38.2% retracement of 1.2675 to 1.4240 at 1.3642 to bring rebound. On the upside, above 1.4016 will bring retest of 1.4240 high first.

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.

GBP/USD edged higher to 1.3917 last week but reversed from there. Current development suggests that corrective decline from 1.4240 is still in progress. Initial bias remains mildly on the downside this week. Break of 1.3669 will target 1.3482 key resistance turned support. On the upside, above 1.3781 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 1.3917 resistance holds.

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) 1.2425; (P) 1.2469; (R1) 1.2506; More…

A temporary top is formed at 1.2524 and intraday bias in GBP/USD is turned neutral first. Some consolidations would be seen but downside of retreat should be contained above 1.2203 resistance turned support to bring another rally. Break of 1.2524 will target 1.2759 fibonacci level first. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095.

In the bigger picture, the rise from 1.0351 medium term term bottom (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. Sustained break there will add to the case of long term bullish trend reversal. Further break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt upside acceleration to 100% projection at 1.3895. For now, this will remain the favored case as long as 1.1801 support holds, even in case of deep pull back.

Daily Pivots: (S1) 1.2272; (P) 1.2304; (R1) 1.2322; More….

Break of 1.2204 minor temporary low suggests resumption of fall from 1.2582. Corrective rebound from 1.1958 should have completed at 1.2582. Intraday bias is back on the downside for retesting 1.1946/58 key support zone. on the upside, though, above 1.2413 will bring another rebound to 1.2582 resistance instead.

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 1.2727) 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.

Daily Pivots: (S1) 1.2097; (P) 1.2136; (R1) 1.2160; More….

Intraday bias in GBP/USD remains neutral as consolidation from 1.2014 is extending. Still, outlook remains bearish with 1.2209 minor resistance intact, and further decline is expected. On the downside, break of 1.2014 will resume recent fall to 1.1946 low first. Firm break there will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. On the upside, break of 1.2209 resistance will suggest short term bottoming. In this case, strong rebound would be seen back to 55 day EMA (now at 1.2380).

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break 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. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.2866; (P) 1.2910; (R1) 1.2982; More…..

Intraday bias in GBP/USD remains neutral for the moment. Further decline is expected with 1.3007 resistance intact. On the downside, sustained break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201. However, break of 1.3007 resistance will suggest that decline from 1.3482 is merely a corrective move, and turn bias back to the upside for retesting 1.3482.

In the bigger picture, while the rebound from 1.1409 was strong, it’s limited by both 1.3514 resistance, as well as 55 month EMA (now at 1.3317). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2749) will add to medium term bearishness for a new low below 1.1409 at a later stage, resuming the down trend from 2.1161 (2007 high).

Daily Pivots: (S1) 1.3518; (P) 1.3538; (R1) 1.3572; More…..

Intraday bias in GBP/USD remains neutral for consolidation below 1.3612 temporary top. As long as 4 hour 55 EMA (now at 1.3488) holds, further rally is expected. Above 1.3612 will target 1.3651 key resistance first. Break will resume medium term rise from 1.1946 and target key resistance level at 1.3835. However, sustained break of 4 hour 55 EMA will turn focus back to 1.3300 support.

In the bigger picture, while the medium term rebound from 1.1946 low was strong, it’s 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) 1.3467; (P) 1.3592; (R1) 1.3664; More…

GBP/USD drops to as low as 1.3454 so far and intraday bias remains on the downside. Sustained trading below 1.3482 resistance turned support will pave the way to 1.3163 medium term fibonacci level next. On the upside, above 1.3554 minor resistance will turn intraday bias neutral first and bring consolidation first, before staging another decline.

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) 1.4141; (P) 1.4180; (R1) 1.4228; More…

GBP/USD retreats ahead of 1.4240 high and intraday bias is turned neutral first. Further rise is still expected as long as 1.4004 support holds. Decisive break of 1.4240 will resume whole up trend from 1.1409 to 1.4376 key resistance next. However, break of 1.4004 will delay the bullish case. Intraday bias will be turned back to the downside to extend the consolidation pattern from 1.4240 with a 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.

Daily Pivots: (S1) 1.2876; (P) 1.2906; (R1) 1.2944; More…

Intraday bias in GBP/USD remains neutral at this point. Rebound from 1.2661 is seen as a corrective move. We’d expect upside to be limited by 1.2956 support turned resistance to bring larger down trend resumption. On the downside, below 1.2811 minor support will turn bias to the downside for retesting 1.2661 low first. However, decisive break of 1.2956 will turn focus to 1.3212 key resistance 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 (now at 1.4091). 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.