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) 1.2654; (P) 1.2681; (R1) 1.2700; More….

Current development argues that recovery from 1.2559 has completed at 1.2763 already. Intraday bias is mildly on the downside for retesting 1.2559 first. Break will resume larger decline from 1.3381 for 1.2391 low next. On the upside, in case of another rise, upside should be limited by by 1.2865 support turned resistance to bring fall resumption eventually.

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) 1.3088; (P) 1.3150; (R1) 1.3211; More…

Intraday bias in GBP/USD remains neutral at this point. With 1.3210 minor resistance intact, further decline is still in favor. On the downside, break of 1.2999 will resume larger down trend from 1.4248. However, on the upside, firm break of 1.3210 minor resistance should confirm short term bottoming at 1.2999. Intraday bias will be back to the upside for 55 day EMA (now at 1.3368).

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) 1.2112; (P) 1.2152; (R1) 1.2182; More…

GBP/USD weakens in early US session but stays above 1.2079 temporary low. 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) 1.2817; (P) 1.2971; (R1) 1.3060; More…

GBP/USD’s break of 1.2993 minor support suggests rejection by 1.3209 resistance. Corrective pattern from 1.3514 is possibly still extending. Intraday bias is back on the upside for retesting 1.2725 low first. On the upside, break of 1.320/9 will confirm completion of the correction from 1.3514 and bring retest of this high.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 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. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2039; (P) 1.2088; (R1) 1.2129; More…

At this point, intraday bias in GBP/USD stays mildly on the downside. Rebound from 1.1759 should have completed after hitting 55 day EMA. Deeper fall would be seen back to retest 1.1759 low. On the upside, break of 1.2292 will resume the rebound towards 1.2405 resistance instead.

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 1.2925).

Daily Pivots: (S1) 1.4188; (P) 1.4233; (R1) 1.4307; More…..

GBP/USD is staying in consolidation from 1.4345 and intraday bias remains neutral. Another fall could be seen but downside should be contained by 1.3915 support to bring rally resumption. On the upside, break of 1.4345 will resume medium term up trend to 100% projection of 1.2108 to 1.3651 from 1.3038 at 1.4581 next. However, break of 1.3915 will argue that, at least, deeper pull back in underway to 1.3651 resistance turned support.

In the bigger picture, sustained break of 1.3835 key resistance level indicates that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. Further rise should now be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Medium term outlook will stay bullish as long as 1.3038 support holds, in case of pull back.

Daily Pivots: (S1) 1.2590; (P) 1.2661; (R1) 1.2738; More….

Intraday bias in GBP/USD remains on the upside for the moment. Current rise from 1.1409 is in progress for 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. Sustained break there will target 100% projection at 1.3303. On the downside, below 1.2500 minor support will turn intraday bias neutral first.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence 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) 1.2992; (P) 1.3024; (R1) 1.3061; More…

Intraday bias in GBP/USD remains neutral for the moment. With 1.2811 support intact, another rise is mildly in favor. Break of 1.3125 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we’d be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. Meanwhile, break of 1.2811 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next.

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, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 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) 1.3810; (P) 1.3885; (R1) 1.3938; More….

Range trading continues in GBP/USD and intraday bias remains neutral. 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.

Daily Pivots: (S1) 1.2504; (P) 1.2537; (R1) 1.2595; More…

Intraday bias in GBP/USD stays mildly on the upside for the moment. Rebound from 1.2298 short term bottom would target 55 D EMA (now at 1.2580). Sustained break there will argue that fall from 1.2892 has completed already, and bring further rise to this resistance. Nevertheless, on the downside, break of 1.2448 minor support will bring retest of 1.2298 low instead.

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). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.

Daily Pivots: (S1) 1.2932; (P) 1.2986; (R1) 1.3022; More…

Intraday bias in GBP/USD remains on the upside for the moment. Rebound from 1.2692 could target 1.3297 resistance zone. But as such rise is seen as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2908 minor support will turn bias back to the downside for 1.2692 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. 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.

Daily Pivots: (S1) 1.2659; (P) 1.2691; (R1) 1.2723; More…

Intraday bias in GBP/USD remains mildly on the upside and rebound from 1.2589 would target retesting 1.2847 high first. Firm break there will resume larger up trend from 1.0351, to 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, though, break of 1.2589 will extend the fall to 55 D EMA (now at 1.2541).

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) 1.2895; (P) 1.2937; (R1) 1.2959; More…

Intraday bias in GBP/USD remains neural for the moment as it’s staying in consolidative trading in range of 1.2773/3030. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2773 will target 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, 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) 1.2107; (P) 1.2187; (R1) 1.2256; More…

Intraday bias in GBP/USD is turned neutral again as rebound stalled after hitting 1.2269. Still, the favored case is that corrective pattern from 1.2445 has completed at 1.1960 already. Above 1.2269 will bring retest of 1.2445/6 resistance zone. On the downside however, break of 1.2029 will extend the corrective pattern with another fall through 1.1960, towards 1.1840 support.

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) 1.2689; (P) 1.2708; (R1) 1.2729; More…

Intraday bias in GBP/USD remains on the upside for 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. Firm break there will target 1.2892 resistance next. However, break of 1.2685 will minor support will turn bias back to the downside, for retreat to 55 4H EMA (now at 1.2644).

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 1.2298 support will extend the corrective pattern instead.

Daily Pivots: (S1) 1.2968; (P) 1.3038; (R1) 1.3087; More….

GBP/USD recovers as it draws support from near term trend line (now at 1.2985). Intraday bias is turned neutral first. On the downside, sustained break of trend line support will argue that rebound from 1.2391 has completed earlier than expected at 1.3350. Deeper fall would then be seen to 1.2773 support for confirmation. On the upside, above 1.3184 minor resistance will suggest that the pull back has completed. Intraday bias will be turned back to the upside for 1.3350.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.

Daily Pivots: (S1) 1.2236; (P) 1.2268; (R1) 1.2322; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.2213 temporary low. We’re still maintaining a bearish view on the pair. That is, consolidation pattern from 1.1946 should have completed with three waves to 1.2705 already. Hence, current recovery should be limited by 1.2382 support resistance and bring another decline. On the downside, break of 1.2213 will target 1.1946/86 support zone. Break of 1.1946 will confirm our bearish view and resume the larger down trend. Nonetheless, on the upside, above 1.2382 minor resistance will delay the bearish case and turn bias back to the upside for 1.2569.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 1.2603; (P) 1.2662; (R1) 1.2692; More….

Intraday bias in GBP/USD remains neutral as consolidation continues. Stronger recovery cannot be ruled out. Upside should be limited by 1.2811 resistance to bring decline resumption. On the downside, break of 1.2476 will extend larger down trend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. However, firm break of 1.2811 will be an early signal of trend reversal and turn focus back to 1.3174 resistance.

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 from 2.1161 (2007 high). And this will now remain the preferred case as long as 1.3174 structural resistance holds. GBP/USD should now target a test on 1.1946 first. Decisive break there will confirm our bearish view.

Daily Pivots: (S1) 1.2133; (P) 1.2160; (R1) 1.2187; More…

GBP/USD’s rebound from 1.2133 extends higher today. But still, such rise is seen as a correction. Intraday bias stays neutral first. At this point, we’d still expect upside of recovery to be limited by 1.2346 support turned resistance and bring fall resumption. As noted before, consolidation pattern from 1.1946 is completed at 1.2705 is resuming larger down trend. On the downside, below 1.2133 will turn bias to the downside for retesting 1.1946/86 support zone. Break of 1.1946 will confirm our bearish view. However, sustained break of 1.2346 will dampen out view and turn focus back to 1.2569 resistance first.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.