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) 1.2268; (P) 1.2353; (R1) 1.2423; More….

Intraday bias in GBP/USD remains neutral for the moment. On the downside, sustained break of 1.2247 will suggest completion of whole rebound from 1.1409. Intraday bias will be turned back to the downside for retesting this low. On the upside, break of 1.2647 will resume the rebound from 1.1409 to 1.3200 resistance next.

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) 1.2237; (P) 1.2313; (R1) 1.2375; More….

Intraday bias in GBP/USD stays on the downside at this point. Fall from 1.2813 should target 1.2065 support. Decisive break of 1.2065 support will confirmation completion of whole rebound from 1.1409. Deeper decline would then be seen to retest 1.1409 low. On the upside, above 1.2389 minor resistance will turn intraday bias neutral first. But further fall will remain in favor as long as 1.2542 resistance holds.

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) 1.3333; (P) 1.3377; (R1) 1.3426; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.3303. Another rise cannot be ruled out. But upside should be limited by 1.3617 resistance to bring fall resumption. On the downside, below 1.3303 will extend the decline fro 1.4376 to 50% retracement of 1.1946 to 1.4376 at 1.3161. Break will target 61.8% retracement at 1.2874. Nonetheless, firm break of 1.3617 will confirm short term bottoming and bring stronger rebound.

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 1.4249). 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 should now be firmly taken out. Next target will be 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3761) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.4128; (P) 1.4155; (R1) 1.4199; More…

GBP/USD is still bounded in tight range and intraday bias remains neutral at this point. With 1.4090 support intact, further rise is still expected. On the upside, sustained break of 1.4240 will resume larger up trend from 1.1409. Next target is 1.4376 long term resistance. On the downside, however, break of 1.4090 support will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support 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 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.

Daily Pivots: (S1) 1.3153; (P) 1.3189; (R1) 1.3219; More…

Intraday bias in GBP/USD remains neutral for the moment. On the upside, above 1.3297 will resume the rebound from 1.2999 to 55 day EMA (now at 1.3340). On the downside, below 1.3119 minor support will turn bias back to the downside for retesting 1.2999 low. Firm break there will resume larger down trend from 1.4248.

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) 1.3442; (P) 1.3485; (R1) 1.3515; More…

Intraday bias in GBP/USD remains on the downside as fall from 1.4376 is in progress. Next target will be 50% retracement of 1.1946 to 1.4376 at 1.3161. On the upside, break of 1.3568 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery..

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). 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 should now be firmly taken out. Next target will be 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3801) holds, even in case of strong rebound.

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

Intraday bias in GBP/USD remains on the downside for 1.2956 low. Firm break there will resume larger decline from 1.4376 for 1.2874 fibonacci level next. On the upside, above 1.3064 minor resistance will possibly extend the correction from 1.2956 with another rebound through 1.3212. But even in that case, upside should be limited by 1.3362 resistance to bring larger decline 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 (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 1.3362 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) 1.2250; (P) 1.2290; (R1) 1.2362; More..

GBP/USD’s recovery from 1.2154 extends higher today but stays below 1.2637 resistance. Intraday bias remains neutral first and outlook remains bearish. On the downside, break of 1.2154 will resume the down trend from 1.4248 to 200% projection of 1.3641 to 1.2999 from 1.3297 at 1.2013 next. Nevertheless, considering bullish convergence condition in 4 hour MACD, break of 1.2637 will confirm short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) at least at the same degree as the rise from 1.1409 (2020 low). That is, fall from 1.4248 could be a leg inside the pattern from 1.1409, or resuming the longer term down trend. In either case, deeper decline is expected as long as 1.2999 support turned resistance holds. Next target is 1.1409 low.

Daily Pivots: (S1) 1.2465; (P) 1.2554; (R1) 1.2679; More…

Intraday bias in GBP/USD remains neutral first. Further rise is in favor as long as 1.2247 support holds. Break of 1.2647 will resume the rise form 1.1409 and target 1.3200 resistance next. On the downside, break of 1.2247 support will indicate completion of rebound from 1.1409. Intraday bias will be turned back to the downside for retesting 1.1409 low.

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) 1.2762; (P) 1.2869; (R1) 1.2935; More…

GBP/USD drops sharply today as low as 1.2618 so far. Break of 1.2725 support confirms resumption of whole decline from 1.3514. Intraday bias is now on the downside for 61.8% retracement of 1.1958 to 1.3514 at 1.2552. Some support could be seen there and break of 1.2848 minor resistance will turn intraday bias neutral first. However, sustained break of 1.2552 will pave the way to retest 1.1958 low.

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) 1.2704; (P) 1.2724; (R1) 1.2762; More…

Intraday bias in GBP/USD remains neutral as range trading is still in progress. On the upside, decisive break of 1.2826 high will resume whole rally from 1.2036. Nevertheless, break of 1.2611 will bring deeper correction to 1.2499 support 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). 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) 1.2242; (P) 1.2439; (R1) 1.2552; More…

Intraday bias in GBP/USD remains on the downside for 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258. Break will target 200% projection at 1.2013 next. On the upside, break of 1.2637 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248, ahead of 1.4376 long term resistance (2018 high). Based on current momentum, fall from 1.4248 is probably the start of a long term down trend. The break of 61.8% retracement of 2.1161 to 1.1409 at 1.2493 is affirming this bearish case too. For now, deeper decline would be seen as long as 1.3158 support turned resistance holds. Next target is 1.1409 low.

Daily Pivots: (S1) 1.2352; (P) 1.2409; (R1) 1.2464; More….

Range trading continues in GBP/USD and intraday bias remains neutral first. On the downside, sustained break of 1.2247 will suggest completion of whole rebound from 1.1409. Intraday bias will be turned back to the downside for retesting this low. On the upside, break of 1.2647 will resume the rebound from 1.1409 to 1.3200 resistance next.

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) 1.3017; (P) 1.3065; (R1) 1.3125; More….

GBP/USD’s break of 1.3013 minor support suggest short term topping in 1.3170. Intraday bias is back on the downside for 4 hour 55 EMA (now at 1.2941) and below. Downside should be contained by 1.2813 cluster support (38.2% retracement of 1.2251 to 1.3170 at 1.2819) to bring rebound. On the upside, break of 1.3170 will resume larger rise from 1.1409 to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next.

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’s rebound from 1.2306 resumed last week. Initial bias stays on the upside this week for retesting 1.2678 high. Firm break there will resume larger up trend to 1.2759 fibonacci level next. On the downside, however, break of 1.2452 minor support will turn bias back to the downside, to extend the pattern from 1.2678 with another falling leg through 1.2306 support.

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.

In the long term picture, while the rise from 1.0351 (2022 low) has been strong, there is no clear indicate of long term trend reversal yet. As long as 1.4248 resistance holds (2021 high), long term outlook will remain neutral at best.

GBP/USD edged lower to 1.2849 last week but recovered. Initial bias remain s neutral this week first. Further decline is expected as long as 1.3069 resistance holds. Break of 1.2849 will extend the corrective fall from 1.3514 to 50% retracement of 1.1958 to 1.3514 at 1.2736. Break of 1.3069 will turn bias to the upside for 1.3209 resistance. Overall, GBP/USD is staying in consolidation from 1.3514 and might extend further.

In the bigger picture, rise from 1.1958 medium term bottom is not completed yet despite current pull back form 1.3514. Such rally is expected to resume later to 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.

In the longer term picture, it’s still unsure whether long term down trend form 2.1161 (2007 high) has completed at 1.1946 already. Focus is immediately on 55 month EMA (now at 1.3489) and sustained break will be the first serious sign of long term reversal. Further break of trend line resistance (now at 1.3922) will be another signal. Focus would then be turned to 1.4376 key resistance for confirmation.

Daily Pivots: (S1) 1.2516; (P) 1.2575; (R1) 1.2649; More….

GBP/USD’s rally is still in progress and intraday bias stays on the upside. Rise from 1.1409 should target 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. 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 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) 1.2817; (P) 1.2857; (R1) 1.2930; More….

GBP/USD’s recovery from 1.2773 extends today but upside is kept below 1.2958 resistance so far. Intraday bias remains neutral and more consolidation might be seen. Further decline is in favor with 1.2958 intact. On the downside, break of 1.2773 will resume the fall from 1.3217 to retest 1.2391 low. On the upside, however, break of 1.2958 resistance will turn bias to the upside for retesting 1.3217 instead.

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.