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) 1.2896; (P) 1.2980; (R1) 1.3097; More…

GBP/USD is staying in range of 1.2845/3082 and intraday bias remains neutral for the moment. Further rise is still in favor with 1.2845 minor support intact. On the upside, above 1.3082 will resume the rebound from 1.2675 for 1.3482 resistance. Nevertheless, break of 1.2845 will indicate that fall from 1.3482 is not over. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690.

In the bigger picture, focus is back on 1.3415 key resistance now. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3312). 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) 1.3299; (P) 1.3327; (R1) 1.3348; More…

Intraday bias in GBP/USD is turned neutral with today’s recovery. Further decline will remain in favor as long as 1.3512 resistance holds. Break of 1.3277 will resume the down trend from 1.4248 to 1.3164 fibonacci level next.

In the bigger picture, the structure of the fall from 1.4248 suggests that it’s a correction to the up trend from 1.1409 (2020 low) only. While deeper fall cannot be ruled out yet, downside should be contained by 38.2% retracement of 1.1409 to 1.4248 at 1.3164, at least on first attempt, to bring rebound. On the upside, firm break of 1.4376 key resistance (2018 high) will add to the case of long term bullish reversal. However, sustained trading below 1.3164 will revive some medium term bearishness and target 61.8% retracement at 1.2493.

Daily Pivots: (S1) 1.3528; (P) 1.3597; (R1) 1.3639; More…

Downside momentum is a bit unconvincing as seen in 4 hour MACD. But with 1.3665 minor support intact, intraday bias stays on the downside 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.

Daily Pivots: (S1) 1.2977; (P) 1.3055; (R1) 1.3093; More…

The strong break of 1.3081 minor support indicates resumption of fall from 1.3257. Intraday bias is turned back to the downside for 1.2921 support first. Firm break there will bring retest of 1.2661 low. Overall, price actions from 1.2661 are viewed as a corrective pattern. IN case of another rise, upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually.

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) 1.1885; (P) 1.1985; (R1) 1.2069; More…

Intraday bias in GBP/USD remains on the downside as fall from 1.2445 is in progress. Firm break of 55 day EMA (now at 1.1925 will target 38.2% retracement of 1.0351 to 1.2445 at 1.1645 next. However, strong rebound from 55 day EMA, followed by break of 1.2124 resistance, will argue that the pull back from 1.2445 has completed, and turn bias back to the upside for retesting this high.

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.

Daily Pivots: (S1) 1.2739; (P) 1.2853; (R1) 1.2929; More….

Intraday bias in GBP/USD remains on the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Decisive break there will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201. On the upside, though, break of 1.3007 resistance will suggest that decline from 1.3482 is merely a corrective move, and turn bias 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 1.3317). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2719) 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).

Daily Pivots: (S1) 1.3522; (P) 1.3548; (R1) 1.3582; More…

A temporary low is in place at 1.3485 in GBP/USD and intraday bias is turned neutral for consolidation. Stronger recovery could be seen back to 4 hour 55 EMA (now at 1.3679) and above. But upside should be limited by 38.2% retracement of 1.4376 to 1.3485 at 1.3825 to bring another decline. Break of 1.3485 will resume the fall from 1.4376 to 1.3448 fibonacci level next.

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) 1.2916; (P) 1.2970; (R1) 1.3055; More….

Intraday bias in GBP/USD remains neutral and some more consolidation could be seen above 1.2885 temporary low. While recovery might be seen, risk will remain on the downside as long as 1.3482 holds. Break of 1.2885 will extend the fall from 1.3842 to 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Reactions from there will decide whether it’s a corrective decline or reversal.

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.

Daily Pivots: (S1) 1.2970; (P) 1.3007; (R1) 1.3039; More…

GBP/USD drops to as low as 1.2919 today and the break of 1.2956 low confirms down trend resumption. The decline from 1.4376 should target 1.2874 fibonacci level next. On the upside, above 1.2998 minor resistance will turn intraday bias neutral first. But in case of recovery, upside should be limited below 1.3212 resistance to bring fall resumption.

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 1.4141). 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 1.3212 resistance is needed to be the first indication of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

Daily Pivots: (S1) 1.2452; (P) 1.2469; (R1) 1.2501; More….

Intraday bias in GBP/USD remains neutral with focus on 1.2542 resistance. Firm break there will argue that whole decline from 1.2813 has completed. Intraday bias will be turned back to the upside for 1.2813 high. Meanwhile, break of 1.2251 will resume the fall to 1.2065 key near term 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) 1.2932; (P) 1.2973; (R1) 1.3033; More….

Intraday bias in GBP/USD remains on the upside with 1.2912 minor support intact. Current rally 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) 1.2959; (P) 1.3019; (R1) 1.3126; More…

GBP/USD is staying gin range of 1.2853/3175 and intraday bias remains neutral for the moment. On the downside, break of 1.2853 will turn bias to the downside for retesting 1.2675 support and 38.2% retracement of 1.1409 to 1.3482 at 1.2690. On the upside, however, break of 1.3175 will resume the rebound from 1.2675 to retest 1.13482 high.

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 1.3307). 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.

GBP/USD’s fall from 1.3381 extended to as low as 1.2605 last week but formed a temporary low there and recovered. Initial bias remains neutral this week for some sideway trading first. Upside of recovery should be limited by 1.2865 support turned resistance to bring fall resumption. On the downside, break of 1.2605 will will target a test on 1.2391 low first. Firm break there will resume larger down trend to 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next.

In the bigger picture, current development suggests that medium term decline from 1.4376 (2018 high) is not completed, and 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.

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) 1.2574; (P) 1.2673; (R1) 1.2732; More…

Intraday bias in GBP/USD remains neutral at this point and outlook is unchanged. Price action from 1.2826 are seen as a consolidation pattern. In case of another fall, downside should be contained above 1.2499 support to bring rebound. On the upside, firm break of 1.2774 resistance will suggest that consolidation pattern has completed. Further rise should be seen through 1.2826 to resume the rally from 1.2036. Next target will be 1.3141 high.

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 still 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) 1.1905; (P) 1.2067; (R1) 1.2356; More…

Intraday bias in GBP/USD remains mildly on the upside at this point. Rebound from 1.1409 would target 61.8% retracement of 1.3200 to 1.1409 at 1.2516. Break there will raise the chance of larger reversal and turn focus to 1.3200 resistance first. On the downside, though, break of 1.1933 will suggest completion of the rebound and turn bias to the downside for retesting 1.1409 low.

In the bigger picture, down trend from 2.1161 (2007 high) has just resumed. 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.

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3858; (P) 1.3887; (R1) 1.3935; More….

GBP/USD’s break of 1.3929 indicates resumption of rebound from 1.3711. The break of near term trend line resistance suggests that corrective pull back from 1.4345 has completed at 1.3711 already. Intraday bias is back to the upside for 1.4144 resistance first. Break should confirm this bullish case and target 1.4345 high and above. On the downside, below 1.3780 minor support will turn bias to the downside to extend the corrective fall from 1.4345 instead.

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.

Daily Pivots: (S1) 1.3727; (P) 1.3757; (R1) 1.3786; More…

GBP/USD’s fall continues to as low as 1.3673 so far and intraday bias stays on the downside for 1.3570 support. Break there will resume the fall form 1.4248 to 1.3482 resistance turned support. Firm break there will carry larger bearish implication and target 38.2% retracement of 1.1409 to 1.4248 at 1.3164. On the upside, above 1.3785 minor resistance will mix up the near term outlook and turn intraday bias neutral first.

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. However, firm break of 1.3482 will argue that the rise from 1.1409 has completed. GBP/USD would then be seen as in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.

Daily Pivots: (S1) 1.2508; (P) 1.2566; (R1) 1.2613; More….

Range trading continues in GBP/USD and intraday bias remains neutral at this point. On the upside, break of 1.2669 will resume the rebound from 1.2251 to 1.2813 high next. On the downside, though, break of 1.2480 minor support will turn bias to the downside for retesting 1.2251 support.

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) 1.3841; (P) 1.3877; (R1) 1.3942; More…

Intraday bias in GBP/USD is turned neutral a it retreats notably after hitting 1.3917. At this point, we’re still favoring the case the corrective fall from 1.4240 has completed at 1.3669. Break of 1.3917 will target 1.4000 resistance first. Decisive break there should confirm this bullish case and bring retest of 1.4240 high. However, break of 1.3808 will dampen this view, and turn bias back to the downside for 38.2% retracement of 1.2675 to 1.4240 at 1.3642.

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.