Daily Pivots: (S1) 1.3917; (P) 1.3961; (R1) 1.4035; More…

GBP/USD’s break of 1.4008 resistance suggests that rise from 1.3668 has resumed. More importantly, it should confirm that correction from 1.4240 has completed already. Intraday bias is back on the upside for retesting 1.4240 high first. Break will resume larger up trend from 1.1409 low. This will remain the favored case now, as long as 1.3890 minor support 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.

Daily Pivots: (S1) 1.3247; (P) 1.3399; (R1) 1.3524; More…

GBP/USD recovered after hitting 1.3272, but further fall is still expected with 1.3485 support turned resistance intact. Current development suggest larger decline from 1.4240 is still in progress. Firm break of 1.3158 will target 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 next. 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) 1.2113; (P) 1.2201; (R1) 1.2249; More

GBP/USD is extending the consolidation pattern from 1.2036 and intraday bias remains neutral. Downside breakout is still mildly in favor. On the downside, decisive break of 1.2036 will resume whole decline from 1.3141 for 1.1801 support next. However, break of 1.2336 will turn bias back to the upside for 38.2% retracement of 1.3141 to 1.2036 at 1.2458.

In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2384) holds, in case of rebound.

Daily Pivots: (S1) 1.3813; (P) 1.3852; (R1) 1.3903; More….

Range trading continues in GBP/USD and intraday bias remains neutral for the moment. On the downside, break of 1.3730 will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, to 1.3668 support and possibly below. On the upside, break of 1.4000 will turn bias back to the upside for retesting 1.4240/8 resistance zone instead.

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) 1.3075; (P) 1.3108; (R1) 1.3127; More…

GBP/USD’s consolidation from 1.3141 is extending and intraday bias remains neutral. Downside of retreat should be contained above 1.2847 resistance turned support to bring rise resumption. On the upside, break of 1.3141 will resume larger up trend and target 161.8% projection of 1.2306 to 1.2847 from 1.2589 at 1.3464 next.

In the bigger picture, rise from 1.0351 medium term bottom (2022 low) is in progress. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. Break there will target 1.4248 key long term resistance (2021 high) next. This will now remain the favored case as long as 1.2678 resistance turned support holds.

Daily Pivots: (S1) 1.2647; (P) 1.2689; (R1) 1.2745; More….

NO change in GBP/USD’s outlook. Intraday bias remains mildly on the upside. Rebound from 1.2506 short term bottom would target 55 day EMA (now at 1.2801). For now, we’d expect strong resistance from 38.2% retracement of 1.3381 to 1.2506 at 1.2840 to bring fall resumption. On the downside, below 1.2626 minor support will turn intraday bias back to the downside for 1.2506 first. Nevertheless, sustained break of 1.2840 will bring stronger rise to 61.8% retracement at 1.3047 next.

In the bigger picture, medium term decline from 1.4376 (2018 high) is possibly ready to resume. Decisive break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence, focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.2627; (P) 1.2652; (R1) 1.2689; More…

GBP/USD is still bounded in range of 1.2611/2826 and intraday bias stays neutral. On the upside, break of 1.2826 will resume whole rally from 1.2036. However, break of 1.2611 will indicate short term topping, and turn bias back to the downside for 1.2499 support.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to rise 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.

Daily Pivots: (S1) 1.2152; (P) 1.2212; (R1) 1.2316; More….

GBP/USD’s rebound from 1.2014 is still in progress. Intraday bias stays on the upside for 55 day EMA (now at 1.2380) and above. But upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536. On the downside, break of 1.2108 minor support will turn bias to the downside for 1.2014. Break will resume larger decline for 1.1946 low.

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) 1.3397; (P) 1.3487; (R1) 1.3543; More…

Intraday bias in GBP/USD remains neutral as consolidation continues below 1.3624. On the upside, break of 1.3624 will resume whole rise form 1.1409. Next target is 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. However, firm break of 1.3134 will confirm short term topping and turn bias to the downside for deeper decline towards 1.2675 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.

Daily Pivots: (S1) 1.3097; (P) 1.3131; (R1) 1.3178; More….

GBP/USD rebounds notably today but it’s still staying in range of 1.3038/3337. Intraday bias remains neutral and outlook is unchanged. Upside of recovery should be limited below 1.3337 resistance to bring fall resumption. Break of 1.3038 will now resume decline from 1.3651 to 1.2773 key support level. However, decisive break of 1.3337 will indicate that pull back from 1.3651 is completed and medium term rise from 1.1946 is resuming.

In the bigger picture, as noted before, GBP/USD hit strong resistance from the long term falling trend line. Current development is starting to favor that corrective rebound from 1.1946 low has completed at 1.3651. Decisive break of 1.2773 will confirm this bearish case and target a test on 1.1946 low next, with prospect of resuming the low term down trend. Nonetheless, break of 1.3320 resistance will restore the rise from 1.1946 for 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.