Daily Pivots: (S1) 1.3660; (P) 1.3676; (R1) 1.3689; More…

Intraday bias in GBP/USD is back on the upside as up trend resumed. Current rally from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, break of 1.3428 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3332) should confirm medium term bottoming at 1.1409. Rise from there should now extend to 1.4376 resistance and above. This will remain the favored case as long as 1.2675 support holds.

Daily Pivots: (S1) 1.2699; (P) 1.2756; (R1) 1.2805; More….

Intraday bias in GBP/USD is turned neutral with the current retreat. On the upside, firm break of 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 will extend the rise from 1.1409 to 100% projection at 1.3303. On the downside, considering mild bearish divergence condition in 4 hour MACD, break of 1.2618 minor support will indicate short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2458).

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.

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) 1.2998; (P) 1.3087; (R1) 1.3235; More…

Intraday bias in GBP/USD remains on the upside at this point. rebound from 1.2675 should target a test on 1.3482 high next. On the downside, break of 1.2910 minor support will turn bias back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690 instead.

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.

Daily Pivots: (S1) 1.2597; (P) 1.2621; (R1) 1.2650; More…

Intraday bias in GBP/USD remains on the upside for the moment. Rise from 1.2036 should target 61.8% retracement of 1.3141 to 1.2036 at 1.2716. On the downside, below 1.2572 minor support will turn intraday bias neutral first. But further rally will now remain in favor as long as 1.2426 resistance turned support holds.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 suggests that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

GBP/USD’s recovery was limited well below 1.2579 resistance last week and broke 1.2382 after late selling. Initial bias is back on the downside this week. Sustained trading below 1.2391 key support will resume larger down trend for 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next. In any case, outlook will remain bearish as long as 1.2579 resistance holds, in case of recovery.

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) 1.2681; (P) 1.2734; (R1) 1.2837; More…

GBP/USD rises to as high as 1.2847 so far today, just an inch below 61.8% projection of 1.1801 to 1.2678 from 1.2306 at 1.2848. intraday bias stays on the upside for the moment. Decisive break of 1.2848 will extend the rally to 100% projection at 1.3183 next. On the downside, below 1.2697 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, as long as 1.2306 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. Next medium term target will then be 1.4248 key resistance.

Daily Pivots: (S1) 1.2362; (P) 1.2464; (R1) 1.2526; More….

Intraday bias in GBP/USD remains on the downside. Sustained trading below 55 day EMA (now at 1.2473) will argue that whole rebound from 1.1409 has completed. Deeper fall would be seen to 1.2065 support for confirmation. On the upside, break of 1.2587 minor resistance will turn bias back to the upside instead.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for rend 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) 1.2465; (P) 1.2517; (R1) 1.2544; More…

Intraday bias in GBP/USD remains neutral for the moment and outlook is unchanged. On the upside, above 1.2568 will resume the rebound from 1.2298 to 55 D EMA (now at 1.2578). 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 indicate that rebound from 1.2298 has completed, and turn bias back to the downside for this low.

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) 1.2450; (P) 1.2526; (R1) 1.2568; More…

Intraday bias in GBP/USD remains neutral as range trading continues. Further rise is in favor as long as 1.2247 support holds. Break of 1.2647 will resume the rise from 1.1409 to 1.3200 resistance. 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) 1.3050; (P) 1.3092; (R1) 1.3124; More….

GBP/USD’s break of 1.3050 support how suggests that 1.31514 is indeed a short term top. Fall from there is corrective whole rise from 1.1958 low. Intraday bias is now on the downside for 38.2% retracement of 1.1958 to 1.3514 at 1.2920. On the upside, above 1.3173 minor resistance will turn bias back to the upside for retesting 1.3514.

In the bigger picture, rise from 1.1958 medium term bottom is on track 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 1.2827 support holds.

Daily Pivots: (S1) 1.2892; (P) 1.2945; (R1) 1.3026; More….

GBP/USD is staying in consolidation above 1.2762 and intraday bias remains neutral first. Further fall is still in favor with 1.3035 minor resistance intact. On the downside, below 1.2762 will target 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. Though, break of 1.3035 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 week EMA (now at 1.3317). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2743) 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) 1.0645; (P) 1.0742; (R1) 1.0829; More…

GBP/USD is staying in consolidation above 1.0351 temporary low and intraday bias remains neutral. While stronger recovery cannot be ruled out, upside should be limited by 4 hour 55 EMA (now at 1.1051). On the downside, break of 1.0351 will resume larger down trend towards parity next.

In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.

USD/CAD edged lower to 1.3850 last week but quickly recovered after drawing support from 55 day EMA. Outlook is unchanged and initial bias remains neutral this week first. Price actions from 1.4667 are seen as a corrective pattern. In case of another fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, break of 1.4265 will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection by 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.

In the longer term picture, up trend from 0.9506 is (2007 low) is in progress. Decisive break of 1.4689 will target 61.8% projection of 0.9406 to 1.4689 from 1.2951 at 1.6216. That is close to 1.6196 (2002 high).

Daily Pivots: (S1) 1.2541; (P) 1.2582; (R1) 1.2655; More….

Intraday bias in GBP/USD remains on the upside as rise from 1.2251 is in progress for 1.2587 resistance. Break will bring retest of 1.2813 high. On the downside, though, 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) 1.2510; (P) 1.2551; (R1) 1.2620; More..

GBP/USD’s recovery from 1.2154 extends higher but stays below 1.2637 resistance. Intraday bias remains neutral for the moment. On the upside, firm break of 1.2637 resistance will bring stronger rebound to 55 day EMA (now at 1.2759). On the downside, below 1.2329 minor support will retain near term bearishness and bring retest of 1.2154 first. Break there will resume larger down trend from 1.4248.

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) 1.3125; (P) 1.3168; (R1) 1.3251; More…

Intraday bias in GBP/USD is turned neutral with today’s sharp fall. On the upside, above 1.3209 will turn bias to the upside for 1.3284 resistance. Break will pave the way to retest 1.3514 high. On the downside, break of 1.2977 will bring a test on 1.2905 support next. Overall, price actions form 1.3514 are seen as developing into a corrective pattern, which might extend further, or even deeper.

In the bigger picture, rise from 1.1958 medium term bottom is 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.

GBP/USD’s corrective recovery from 1.2559 extended higher last week and outlook is unchanged. In case of further rise, upside should be limited by by 1.2865 support turned resistance to bring fall resumption. On the downside, break of 1.2668 minor support will turn bias to the downside for 1.2559 first. Break will extend the decline from 1.3381 for 1.2391 low first. However, sustained break of 1.2865 will indicate completion of fall from 1.3381. In that case, corrective pattern from 1.2391 would be in another rising leg through 1.3381 resistance.

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.

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) 1.3690; (P) 1.3720; (R1) 1.3738; More…

Intraday bias in GBP/USD remains on the upside for 1.3833 resistance first. 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. Sustained break of 1.3833 will pave the way back to retest 1.4248 high. On the downside, below 1.3619 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 55 day EMA (now at 1.3479) holds.

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.