Daily Pivots: (S1) 1.2862; (P) 1.2907; (R1) 1.2977; More….

GBP/USD’s rally extends to as high as 1.2986 so far today and intraday bias remains on the upside. 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 1.2912 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.2669 resistance turned 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) 1.3633; (P) 1.3685; (R1) 1.3733; More….

GBP/USD is staying in consolidation from 1.3745 and intraday bias remains neutral. Further rise is expected as long as 1.3518 support holds. Break of 1.3745 will turn bias to the upside, and extend the rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, break of 1.3518 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper pull back.

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. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

GBP/USD edged lower to 1.3730 last week but recovered notably since then. Initial bias is turned neutral this week first. Another fall could still be seen with 1.4000 resistance intact. Break of 1.3730 support 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.

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) 1.2897; (P) 1.2857; (R1) 1.2949; More….

Focus is now on 1.2958 minor resistance in GBP/USD with today’s rebound. Firm break there will indicate completion of decline from 1.3217. Intraday bias would then be turned back to the upside for 1.3174/3217 key resistance zone. Nevertheless, on the downside, break of 1.2773 will resume the fall from 1.3217 to retest 1.2391 low.

In the bigger picture, the rejection by 1.3174 key resistance revived the original view on GBP/USD. That is, decline from 1.4376 is possibly resuming long term down trend from 2.1161 (2007 high). Firm break of 1.2391 will solidify this bearish case and target 1.1946 (2016 low). However, decisive break of 1.3174 will invalidate this bearish case again and turn outlook bullish.

Daily Pivots: (S1) 1.2679; (P) 1.2762; (R1) 1.2826; More…

GBP/USD’s decline continues today and intraday bias stays on the downside for 100% projection of 1.3641 to 1.2999 from 1.3297 at 1.2655. Sustained break there will target 161.8% projection at 1.2258. On the upside, above 1.2771 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.

Daily Pivots: (S1) 1.2305; (P) 1.2354; (R1) 1.2449; More….

A temporary low is formed at 1.2251 and intraday bias is turned neutral first. Some consolidations could be seen but further decline is expected as long as 1.2542 resistance holds. On the downside, break of 1.2251 will resume the fall from 1.2814 to 1.2065 support. Nevertheless, break of 1.2542 will suggest completion of the decline and turn bias back to the upside.

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.

GBP/USD edged lower to 1.2439 last week but recovered since then. Initial bias remains neutral this week for some more consolidations. Upside should be limited below 1.2783 resistance to bring fall resumption. On the downside, break of 1.2439 would resume the decline from 1.3381 to retest 1.2391 low. Firm break there will resume larger down trend.

In the bigger picture, down trend from 1.4376 (2018 high) is still in progress. 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.

In the longer term picture, consolidative pattern from 1.1946 (2016 low) could still extend with another rising leg. But after all, decisive break of 38.2% retracement of 2.1161 (2007 high) to 1.1946 at 1.5466 is needed to indicate long term reversal. Otherwise, an eventual downside breakout will remain in favor.

Daily Pivots: (S1) 1.4068; (P) 1.4154; (R1) 1.4227; More….

GBP/USD is staying in consolidation from 1.4240 and intraday bias remains neutral first. Some consolidations could be seen and deeper pull back cannot be ruled out. But downside should be contained well above 1.3828 support to bring rise resumption. Break of 1.4240 will target 1.4376 long term resistance next. Firm break there will pave the way to 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748.

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) 1.2715; (P) 1.2875; (R1) 1.2976; More….

Intraday bias in GBP/USD stays on the downside for the moment. Fall from 1.3482 should target 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Strong rebound from there will suggest that such decline is merely a corrective move. Break of 1.3035 minor resistance will turn bias back to the upside for rebound. However, sustained break of 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201.

In the bigger picture, immediate focus is still on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.

GBP/.USD’s pull back from 1.3748 extended lower last week but outlook is unchanged. Initial bias remains neutral this week for more consolidative trading. but downside of retreat should be contained by 1.3489 support to bring another rally. As noted before, corrective fall from 1.4282 should have completed with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Above 1.3748 will target 1.3833 first. Sustained break of 1.3833 will pave the way back to retest 1.4248 high.

In the bigger picture, strong support was seen from 38.2% retracement of 1.1409 to 1.4248 at 1.3164. The development suggests that 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.

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) 1.3642; (P) 1.3692; (R1) 1.3732; More…

Intraday bias in GBP/USD remains neutral for consolidation below 1.3748 temporary top. Downside of retreat should be contained by 1.3489 support to bring another rally. As noted before, corrective fall from 1.4282 should have completed with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Above 1.3748 will target 1.3833 first. Sustained break of 1.3833 will pave the way back to retest 1.4248 high.

In the bigger picture, strong support was seen from 38.2% retracement of 1.1409 to 1.4248 at 1.3164. The development suggests that 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) 1.3757; (P) 1.3833; (R1) 1.3888; More….

GBP/USD drops sharply after recovery from 1.3711 ended at 1.3929. But it’s staying above 1.3711 temporary low. Intraday bias remains neutral first. Fall from 1.4345 is in favor to extend and break of 1.3711 will target 1.3651 resistance turned support and below. At this point, we’ll look for strong support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 to contain downside and bring rebound.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down 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 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

GBP/USD’s downside resumed and extended to as low as 1.2956 last week. But subsequent rebound suggests short term bottoming there. Initial bias is neutral this week for some more consolidations first. Stronger recovery could be seen but upside should be limited below 1.3362 resistance to bring fall resumption. On the downside, break of 1.2956 will resume the fall 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.

In the longer term picture, rise from 1.1946 (2016 low) is viewed as a corrective move, no change in this view. Rejection from 55 month EMA argues that it might be completed already. Larger down trend from 2.1161 (2007 high) could extend to a new low. This will now be the preferred case as long as 1.4376 resistance holds.

Daily Pivots: (S1) 1.2960; (P) 1.2988; (R1) 1.3024; More….

GBP/USD’s break of 1.3079 minor resistance suggests that corrective fall form 1.3514 has completed at 1.2905, after drawing support from 38.2% retracement of 1.1958 to 1.3514 at 1.2920. Intraday bias is turned back to the upside for retesting 1.3514 high. On the downside, sustained trading below 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) 1.3596; (P) 1.3616; (R1) 1.3657; More…

GBP/USD’s consolidation from 1.3702 is still extending and intraday bias remains neutral at this point. As long as 1.3428 support holds, further rally is expected. On the upside, firm break of 1.3702 will resume larger up rise form 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. However, break of 1.3428 support will turn bias to the downside, for deeper correction to 1.3134 support.

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. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stays cautiously bullish in case of pullback.

Daily Pivots: (S1) 1.2396; (P) 1.2440; (R1) 1.2488; More…

GBP/USD is staying in tight range above 1.2390 and intraday bias stays neutral. Decline from 1.2678 short term top is expected to continue as long as 1.2545 resistance holds. On the downside, sustained trading below 55 D EMA (now at 1.2394) should confirm that it’s already in correction to whole up trend form 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 1.2545 will bring stronger rebound back to retest 1.2678 high.

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.

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) 1.2666; (P) 1.2688; (R1) 1.2727; More…

GBP/USD is staying in range above 1.2595 support and intraday bias remains neutral. On the downside, firm break of 1.2595 will resume the decline from 1.2826 to 1.2499 support. Nevertheless, strong rebound from current level will retain near term bullishness. Decisive break of 1.2826 will resume whole rally from 1.2036.

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 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) 1.3022; (P) 1.3046; (R1) 1.3063; More….

GBP/USD weakens mildly today but stays in consolidation pattern from 1.3381. Intraday bias remains neutral first. For now, further rally is still mildly in favor with 1.2960 support intact. On the upside, decisive break of 1.3381 resistance will resume whole rise from 1.2391. Next target will be 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. However, on the downside, sustained break of 1.2960 will indicate that rebound from 1.2391 has completed earlier than expected. Deeper fall would then be seen to 1.2773 support for confirmation.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is 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) 1.2021; (P) 1.2050; (R1) 1.2085; More…

Intraday bias in GBP/USD remains neutral as range trading continues. On the downside, break of 1.1991 will resume the fall from 1.2445 to 55 day EMA (now at 1.1916). Firm break there will target 38.2% retracement of 1.0351 to 1.2445 at 1.1645. On the upside, break of 1.2240 minor resistance will turn bias back to the upside for retesting 1.2445 instead.

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. This will remain the favored case as long as 55 day EMA (now at 1.1916) holds.