Daily Pivots: (S1) 1.3478; (P) 1.3532; (R1) 1.3578; More…

No change in GBP/USD’s outlook. Intraday bias remains on the downside for 1.3448 fibonacci level next. On the upside, above 1.3588 minor resistance will argue that a short term bottom is formed. In that case, stronger recovery could be seen back to 4 hour 55 EMA (now at 1.3719) and above before staging another fall.

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 1.4223). Deeper decline should be seen to 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. Outlook will stay bearish as long as 55 day EMA (now at 1.3925) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.2806; (P) 1.2854; (R1) 1.2927; More….

Intraday bias in GBP/USD remains on the upside at this point. Current rise from 1.1409 should target 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, below 1.2768 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.2480 support to bring another rally.

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) 1.2960; (P) 1.2988; (R1) 1.3024; More….

Intraday bias in GBP/USD remains neutral for consolidation above 1.2905 temporary low. On the upside, break of 1.3079 minor resistance will suggest that the pull back from 1.3514 has completed. Intraday bias will be turned back to the upside for retesting 1.3514. On the downside, sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1.2920 will pave the way to 61.8% retracement at 1.2552.

In the bigger picture, rise from 1.1958 medium term bottom expected to extend higher 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 1.2582 resistance turned support holds.

Daily Pivots: (S1) 1.4085; (P) 1.4124; (R1) 1.4171; More….

GBP/USD’s rise continues to as high as 1.4187 so far and intraday bias remains on the upside for 1.4243 resistance first. Break will target a test on 1.4345 high next. On the downside, below 1.4119 minor support will turn intraday bias neutral first. But outlook will stay cautiously bullish as long as 1.3964 support holds.

In the bigger picture, as long as 1.3651 resistance turned support holds, medium term outlook in GBP/USD will remain bullish. Rise from 1.1946 is at least correcting the long term down trend 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 1.4267) so far. Break of 1.3651 will be the first sign of medium term reversal and turn focus to 1.3038 support for confirmation.

Daily Pivots: (S1) 1.2866; (P) 1.2898; (R1) 1.2949; More…..

Intraday bias in GBP/USD stays neural and fall from 1.3482 will remain in favor to extend as long as 1.3007 resistance holds. 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. Nevertheless, on the upside, firm break of 1.3007 resistance will suggest that decline from 1.3482 is merely a corrective move and has completed. Intraday bias will be turned 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 1.3310). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2756) 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).

GBP/USD’s fall from 1.3257 accelerated to as low as 1.2777 last week and breached 1.2784 support. Initial bias stays on the downside this week for retesting 1.2661 low first. Decisive break there will resume larger down trend from 1.4376. Next target is 61.8% projection of 1.4376 to 1.2661 from 1.3297 at 1.2237. On the upside, break of 1.2919 minor resistance will suggest short term bottoming and turn bias to the upside for stronger rebound.

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.

In the longer term picture, outlook in GBP/USD is held bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

Daily Pivots: (S1) 1.2732; (P) 1.2770; (R1) 1.2847; More…..

Further rally is expected in GBP/USD with 1.2693 support intact, despite current retreat. Rise from 1.2298 should target 1.2892 resistance. However, break of 1.2693 will turn bias back to the downside for deeper pullback.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2445 support will extend the corrective pattern with another decline instead.

Daily Pivots: (S1) 1.2785; (P) 1.2826; (R1) 1.2903; More…

Intraday bias in GBP/USD remains on the upside at this point. Current rally should target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, break of 1.2779 minor support will turn intraday bias neutral again. But outlook will stay bullish as long as 1.2589 support holds, in case of retreat.

In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).

Daily Pivots: (S1) 1.2885; (P) 1.2949; (R1) 1.3023; More….

A temporary top should be in place at 1.3012 in GBP/USD with today’s retreat. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained above 1.2582 resistance turned support to bring another rally. On the upside, above 1.3012 will extend 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, current development affirms the case of medium term bottoming 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 1.2195 support holds.

Daily Pivots: (S1) 1.2165; (P) 1.2295; (R1) 1.2388; More…

GBP/USD’s fall continues today and reaches as low as 1.2084 so far. Intraday bias remains on the downside an fall from 1.3514 is targeting 1.1958 low. On the upside, above 1.2273 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited well below 1.2725 support turned resistance to bring another fall.

In the bigger picture, current development suggests that price actions from 1.1946 (2016 low) are merely a consolidation pattern, with the third leg completed at 1.3514. Rejection by 55 month EMA also solidify long term bearishness. Focus is back on 1.1946 low. Decisive break there will resume larger down trend from 2.1161 (2007 high). This will remain the favored case as long as 1.3514 resistance holds.

Daily Pivots: (S1) 1.2809; (P) 1.2852; (R1) 1.2902; More…

Intraday bias in GBP/USD remains on the upside at tis point. Current rise is part of the rally from 1.2063, and should target 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005. On the downside, below 1.2800 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 55 4H EMA (now at 1.2732) holds.

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 is still in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2517 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) 1.3228; (P) 1.3260; (R1) 1.3316; More…

GBP/USD’s rebound from 1.3048 short term bottom continues today and reaches as high as 1.3362 so far. Intraday bias stays on the upside for 1.3471 resistance. At this point, we’d strong resistance from 1.3471 to limit upside to finish the corrective rebound. On the downside, below 1.3200 minor support will turn bias to the downside for retesting 1.3048 low.

In the bigger picture, whole medium term rebound from 1.1936 (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 1.1936 (2016 low) to 1.4376 at 1.2874 next. We’ll pay attention to the reaction from there to asses the chance of long term down trend resumption. On the upside, sustained break of 38.2% retracement of 1.4376 to 1.3048 at 1.3555 is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2398; (P) 1.2450; (R1) 1.2484; More…

Focus is now on 1.2164 support in GBP/USD with today’s fall. Break there will indicate completion of rebound from 1.1409. Intraday bias will be turned back to the downside for retesting 1.1409 low. On the upside, break of 1.2647 will extend the rebound 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) 1.3528; (P) 1.3597; (R1) 1.3639; More…

GBP/USD’s decline resumed after brief consolidation and intraday bias is back on the downside. Current fall from 1.4376 is in progress for 1.3448 fibonacci level next. On the upside, above 1.3665 will argue that a short term bottom is formed. In that case, lengthier consolidation could be seen before 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 1.4248). Deeper decline should be seen to 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. Outlook will stay bearish as long as 55 day EMA (now at 1.3955) holds, even in case of strong rebound.

GBP/USD dived further to as low as 1.1932 last week but quickly recovered. Initial bias remains neutral this week for some consolidations. But outlook stays bearish as long as 1.2666 resistance holds. On the downside, break of 1.1932 will resume larger down trend from 1.4248. However, firm break of 1.2666 will suggest medium term bottoming and bring stronger rebound back towards 1.3158 support turned resistance.

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 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.3175).

In the longer term picture, rebound from 1.1409 long term bottom should have completed at 1.4248 already, well ahead of 38.2% retracement of 2.1161 to 1.1409 at 1.5134. The development argues that price actions from 1.1409 are developing into a corrective pattern only. That is, long term bearishness is retained for resuming the down trend from 2.1161 (2007 high) at a later stage.

Daily Pivots: (S1) 1.2376; (P) 1.2412; (R1) 1.2450; More…

Intraday bias in GBP/USD is turned neutral with current recovery. Another fall is expected as long as 1.2483 resistance holds. Break of 1.2371, and sustained trading below 55 D EMA (now at 1.2397) will confirm that it’s in correction to whole up trend from 1.0351. Deeper fall should then be seen to 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789). On the upside, however, break of 1.2483 resistance will bring stronger rebound back to retest 1.2678 high instead.

In the bigger picture, as long as 1.1801 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.1801 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.

GBP/USD rose further to 1.3539 last week and breach of 1.3482 resistance suggest resumption of rise from 1.1409. Further rise is expected as long as 1.3283 support holds. Next target is 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, however, break of 1.3283 will indicate short term topping and turn bias to the downside for pull back.

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.

In the longer term picture, focus remains on decade long trend line from 2.1161 (2007 high). Sustained break there should confirm long term bottoming at 1.1409, on bullish convergence condition in monthly MACD. Rise from could either be a correction or starting a long term up trend. In either case, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134.

GBP/USD dipped to 1.3011 last week but quickly recovered. Initial bias is turned neutral this week first and overall outlook is unchanged. Price actions from 1.2661 are seen as a corrective move. In case of another rise, upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually. On the downside, below 1.3011 will target 1.2921 support first. Break will target 1.2661/2784 support zone. However, sustained break of 1.3316 would pave the way to next fibonacci level at 1.3721.

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.

In the longer term picture, outlook in GBP/USD is held bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

GBP/USD’s down trend resumed last week and hit as low as 1.2822. Initial bias stays on the downside this week for 100% projection of 1.3641 to 1.2999 from 1.3297 at 1.2655 next. On the upside, above 1.2971 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another decline.

In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248, ahead 1.4376 long term resistance (2018 high). 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 1.3158 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

In the longer term picture, rebound from 1.1409 long term bottom could have completed at 1.4248 already, well ahead of 38.2% retracement of 2.1161 to 1.1409 at 1.5134. The development argues that price actions from 1.1409 are developing into a corrective pattern only. That is, long term bearishness is retained for resuming the downside from 2.1161 (2007 high) at a later stage.