Daily Pivots: (S1) 1.2143; (P) 1.2202; (R1) 1.2298; More

GBP/USD dips mildly today but stays well inside range of 1.2036/2270. Intraday bias remains neutrla at this point. On the upside, firm break of 1.2270 resistance will confirm short term bottoming. Intraday bias will be back to the upside for stronger rebound. Nevertheless, rejection by 1.2270 will retain near term bearishness. Decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2446) holds, in case of rebound.

GBP/USD recovered after edging lower to 1.2036 last week. Initial bias remains neutral this week first. On the upside, firm break of 1.2270 resistance will confirm short term bottoming. Intraday bias will be back to the upside for stronger rebound. Nevertheless, rejection by 1.2270 will retain near term bearishness. Decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2456) holds, in case of rebound.

In the long term picture, there is no clear sign of trend reversal yet. Rise from 1.0351 could be part of a consolidation pattern to down trend from 2.1161 (2007 high). Rejection by 55 M EMA (now at 1.2900) will retain long term bearishness for extending the down trend at a later stage.

Daily Pivots: (S1) 1.2135; (P) 1.2166; (R1) 1.2223; More…

GBP/USD drops notably in early US session but stays above 1.2036 support. Intraday bias remains neutral at this point. Outlook will stay bearish as long as 1.2270 resistance holds. Break of 1.2026 will resume the fall from 1.3141. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication, and target 1.1801 support next. On the upside, firm break of 1.2270 resistance will indicate short term bottoming, and turn bias back to the upside.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2135; (P) 1.2166; (R1) 1.2223; More…

GBP/USD’s consolidation from 1.2036 is still in progress and intraday bias remains neutral. Outlook will stay bearish as long as 1.2270 resistance holds. Break of 1.2026 will resume the fall from 1.3141. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication, and target 1.1801 support next. On the upside, firm break of 1.2270 resistance will indicate short term bottoming, and turn bias back to the upside.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2056; (P) 1.2116; (R1) 1.2196; More…

GBP/USD is staying in consolidation above 1.2036 and intraday bias remains neutral for the moment. Outlook will stay bearish as long as 1.2270 resistance holds. Break of 1.2026 will resume the fall from 1.3141. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication, and target 1.1801 support next. On the upside, firm break of 1.2270 resistance will indicate short term bottoming, and turn bias back to the upside.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2056; (P) 1.2116; (R1) 1.2196; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.2036. Outlook will stay bearish as long as 1.2270 resistance holds. Break of 1.2026 will resume the fall from 1.3141. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication, and target 1.1801 support next. On the upside, firm break of 1.2270 resistance will indicate short term bottoming, and turn bias back to the upside.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2052; (P) 1.2077; (R1) 1.2102; More…

Intraday bias in GBP/USD is turned neutral with current recovery and some more consolidations could be seen. But outlook will stay bearish as long as 1.2270 resistance holds. Break of 1.2026 will resume the fall from 1.3141. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication, and target 1.1801 support next. On the upside, firm break of 1.2270 resistance will indicate short term bottoming, and turn bias back to the upside.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2052; (P) 1.2077; (R1) 1.2102; More…

Outlook in GBP/USD is unchanged and intraday bias stays on the downside. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication. Fall from 1.3141 should then target 1.1801 support next. On the upside, break of 1.2270 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2042; (P) 1.2131; (R1) 1.2176; More…

Intraday bias in GBP/USD remains on the downside and outlook is unchanged. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication. Fall from 1.3141 should then target 1.1801 support next. On the upside, break of 1.2270 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2042; (P) 1.2131; (R1) 1.2176; More…

Intraday bias in GBP/USD is back on the downside with break of 1.2109 support. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication. Fall from 1.3141 should then target 1.1801 support next. On the upside, break of 1.2270 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2167; (P) 1.2219; (R1) 1.2258; More…

GBP/USD dips notably after rejection by 55 4H EMA, but stays above 1.2109 support. Intraday bias remains neutral for the moment. While stronger recovery cannot be ruled out, near term outlook will stay bearish as long as 1.2420 resistance holds. On the downside, decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2517) holds, in case of rebound.

Daily Pivots: (S1) 1.2167; (P) 1.2219; (R1) 1.2258; More…

Intraday bias in GBP/USD stays neutral as consolidation from 1.2109 is extending. While stronger rise cannot be ruled out, near term outlook will stay bearish as long as 1.2420 resistance holds. On the downside, decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2517) holds, in case of rebound.

GBP/USD’s fall continued to as low as 1.2109 last week before recovering mildly. Initial bias stays neutral this week for some more consolidations. While stronger rise cannot be ruled out, near term outlook will stay bearish as long as 1.2420 resistance holds. On the downside, decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2517) holds, in case of rebound.

In the long term picture, there is no clear sign of trend reversal yet. Rise from 1.0351 could be part of a consolidation pattern to down trend from 2.1161 (2007 high). Rejection by 55 M EMA (now at 1.2900) will retain long term bearishness for extending the down trend at a later stage.

Daily Pivots: (S1) 1.2141; (P) 1.2183; (R1) 1.2246; More…

Intraday bias in GBP/USD remains neutral at this point. Recovery from 1.2109 could still extend higher. But near term risk will stay on the downside as long as 1.2420 turned resistance holds. Fall from 1.3141 is still in favor to continue. On the downside, decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2526) holds, in case of rebound.

Daily Pivots: (S1) 1.2141; (P) 1.2183; (R1) 1.2246; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.2109 is extending. Stronger recovery cannot be ruled out. But near term risk will stay on the downside as long as 1.2420 turned resistance holds,. On the downside, decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2526) holds, in case of rebound.

Daily Pivots: (S1) 1.2108; (P) 1.2138; (R1) 1.2164; More…

A temporary low should be in place at 1.2109 in GBP/USD and intraday bias is turned neutral first. Some consolidations could be seen, and stronger recovery cannot be ruled out. But near term risk will stay on the downside as long as 1.2618 support turned resistance holds. On the downside, decisive break of 1.2075 fibonacci level would carry larger bearish implication and target 1.1801 support next.

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 1.2526) holds, in case of rebound.

Daily Pivots: (S1) 1.2108; (P) 1.2138; (R1) 1.2164; More…

Intraday bias in GBP/USD stays on the downside, as fall from 1.3141 is in progress to 1.2075 fibonacci level. Decisive break there would carry larger bearish implication and target 1.1801 support next. On the upside, above 1.2232 minor resistance will turn intraday bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

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 1.2526) holds, in case of rebound.

Daily Pivots: (S1) 1.2134; (P) 1.2175; (R1) 1.2198; More…

GBP/USD’s decline is still in progress and intraday bias stays on the downside. Fall from 1.3141 should target 1.2075 fibonacci level. Decisive break there would carry larger bearish implication and target 1.1801 support next. On the upside, above 1.2232 minor resistance will turn intraday bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

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 1.2541) holds, in case of rebound.

Daily Pivots: (S1) 1.2134; (P) 1.2175; (R1) 1.2198; More…

Intraday bias in GBP/USD remains on the downside as fall from 1.3141 is extending. Next target is 1.2075 fibonacci level. On the upside, above 1.2306 minor resistance will turn intraday bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. However, sustained break of 1.2075 will raise the chance of bearish trend reversal and target 1.1801 structural support next.

Daily Pivots: (S1) 1.2184; (P) 1.2221; (R1) 1.2247; More…

GBP/USD’s decline is in progress and intraday bias stays on the downside. Fall from 1.3141 should target 1.2075 fibonacci level. On the upside, above 1.2306 minor resistance will turn intraday bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. However, sustained break of 1.2075 will raise the chance of bearish trend reversal and target 1.1801 structural support next.