Daily Pivots: (S1) 1.3676; (P) 1.3711; (R1) 1.3771; More…

Outlook in GBP/USD remains bullish as long as 1.3518 support intact. Current up trend from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, however, firm break of 1.3518 will confirm short term topping, and turn intraday bias back to the downside for channel support (now at 1.3398) 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. 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) 1.4036; (P) 1.4083; (R1) 1.4131; More…

Intraday bias in GBP/USD remains mildly on the downside at this point. Fall from 1.4248 is in progress for 1.4008 resistance turned support first. Such decline could be the third leg of the pattern from 1.4240. Break of 1.4008 will target 1.3668/3800 support zone. On the upside, above 1.4127 minor resistance will 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 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) 1.2379; (P) 1.2441; (R1) 1.2477; More…

Intraday bias in GBP/USD remains neutral for consolidations below 1.2504 temporary top. Downside should be contained by 55 4H EMA (now at 1.2311) to bring another rally. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

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 will argue 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 rally accelerated to as high as 1.3514 last week. As a temporary top was formed with subsequent retreat, initial bias is neutral this week for consolidations first. Downside should be contained above 1.3050 support to bring another rally. On the upside, above 1.3514 will extend the rally from 1.1958 to 100% projection of 1.2195 to 1.3012 from 1.2827 at 1.3644 first. Break will target 161.8% projection at 1.4149 next.

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.

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 1.3525) will be the first serious sign of long term reversal. Further break of trend line resistance (now at 1.4045) will be another signal. Focus would then be turned to 1.4376 key resistance for confirmation.

Daily Pivots: (S1) 1.3947; (P) 1.4065; (R1) 1.4129; More….

No change in GBP/USD’s outlook as it’s staying above 1.3828 support despite the steep retreat from 1.4249. Intraday bias remains neutral first and more consolidative trading could be seen. Further rally remains in favor. On the upside, break of 1.4240 will resume larger rise from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.2115; (P) 1.2143; (R1) 1.2192; More

Sideway trading continues in GBP/USD and intraday bias remains neutral. Downside breakout is in favor with 1.2336 resistance intact. On the downside, decisive break of 1.2036 will resume whole decline from 1.3141 for 1.1801 support next. However, break of 1.2336 will turn bias back to the upside for 38.2% retracement of 1.3141 to 1.2036 at 1.2458.

In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2384) holds, in case of rebound.

Daily Pivots: (S1) 1.2883; (P) 1.2977; (R1) 1.3031; More…

Intraday bias in GBP/USD remains neutral for the moment. As long as 1.2845 minor support holds, further rally is in favor. 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) 1.4120; (P) 1.4146; (R1) 1.4180; More…

Intraday bias in GBP/USD remains neutral first and consolidation continues below 1.4232. On the upside, decisive break of 1.4240 will resume larger up trend for 1.4376 key resistance next. On the downside, however, break of 1.4098 support will delay the bullish case. Intraday bias will be turned back to the downside to extend the consolidation pattern from 1.4240 with another falling leg.

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) 1.3224; (P) 1.3318; (R1) 1.3390; More…

GBP/USD is staying in range below 1.3539 and intraday bias remains neutral first. On the downside, break of 1.3223 will target 55 day EMA (now at 1.3181) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. However, firm break of 1.3539 will resume larger rally from 1.1409.

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 1.3308). 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) 1.3510; (P) 1.3567; (R1) 1.3638; More…

Intraday bias in GBP/USD is turned neutral with today’s retreat and some consolidations could be seen. But further rise is expected as long as 1.3134 support holds. Break of 1.3624 will target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next.

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 1.3308). 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 1.3141 continued last week. Initial bias stays on the downside this week for 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276. On the upside, though, firm break of 1.2547 resistance will now indicate short term bottoming, and bring stronger rebound.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. However, sustained break of 1.2075 will raise the chance of bearish trend reversal.

In the long term picture, there is no clear sign of trend reversal yet. Rise from 1.0351 could be part of a consolidation pattern to down trend from 2.1161 (2007 high). Rejection by 55 M EMA (now at 1.2900) will retain long term bearishness for extending the down trend at a later stage.

Daily Pivots: (S1) 1.2825; (P) 1.2925; (R1) 1.3099; More…

Intraday bias in GBP/USD remains on the upside for the moment. Rebound form 1.2692 is in progress for 1.3297 resistance. For now, price actions from 1.2661 are seen as a consolidation pattern. 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) 1.1996; (P) 1.2023; (R1) 1.2052; More…

Intraday bias in GBP/USD stays neutral at this point. On the downside, break of 1.1914 will resume the decline from 1.2446, as the third leg of the corrective pattern from 1.2445, for 1.1840 support and possibly below. On the upside, break of 1.2142 resistance will turn bias back to the upside for further rebound to 1.2269 and above.

In the bigger picture, as long as 1.1840 support holds, rise from 1.0351 medium term bottom (2022 low) should still continue to 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. However, decisive break of 1.1840 will complete a double top pattern (1.2445, 1.2446) after rejection by 55 week EMA (now at 1.2243). Deeper decline should be seen back to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

Daily Pivots: (S1) 1.4165; (P) 1.4206; (R1) 1.4266; More….

Intraday bias in GBP/USD remains on the upside for 1.4345 high. Firm break there will resume medium term rally and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, below 1.4220 minor support will turn intraday bias neutral again. But retreat should be contained well above 1.3964 support to bring another rally.

In the bigger picture, as long as 1.3651 resistance turned support holds, medium term outlook in GBP/USD will remain bullish. Rise from 1.1946 is at least correcting the long term down trend 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 1.4267) so far. Break of 1.3651 will be the first sign of medium term reversal and turn focus to 1.3038 support for confirmation.

Daily Pivots: (S1) 1.2616; (P) 1.2656; (R1) 1.2715; More…

Intraday bias in GBP/USD remains neutral at this point. On the downside, firm break of 1.2595 support 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) 1.3118; (P) 1.3154; (R1) 1.3219; More…

Intraday bias in GBP/USD stays neutral for consolidation above 1.3080 temporary low. Upside of recovery should be limited by 1.3270 support turned resistance. On the downside, sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658. However, strong break of 1.3270 should indicate short term bottoming and bring stronger rebound.

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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3893; (P) 1.3921; (R1) 1.3957; More…

Intraday bias in GBP/USD stays neutral first. On the upside, break of 1.4008 should resume the rebound from 1.3668, confirm that correction from 1.4240 has completed at 1.3668 already. Further rise should then be seen to retest 1.4240 high next. However, break of 1.3668 will extend the correction from 1.4240 with another falling leg.

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) 1.2180; (P) 1.2295; (R1) 1.2384; More…

GBP/USD is staying in familiar range and intraday bias remains neutral first. On the downside, break of 1.2144 minor support will suggest completion of the rebound from 1.1409 and turn bias to the downside for retesting 1.1409 low. On the upside, sustained break of 61.8% retracement of 1.3200 to 1.1409 at 1.2516 will raise the chance of larger reversal and turn focus to 1.3200 resistance first.

In the bigger picture, down trend from 2.1161 (2007 high) is still in progress. 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) 1.2853; (P) 1.2942; (R1) 1.2992; More…

No change in GBP/USD’s outlook as range trading continues. Intraday bias stays neutral and another rise is mildly 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) 1.2672; (P) 1.2694; (R1) 1.2725; More…

Intraday bias in GBP/USD stays neutral for the moment. Consolidation pattern from 1.2826 could extend further. Break of 1.2595 support will target 1.2499 support. On the upside, however, firm break of 1.2784 resistance will suggest that the consolidation pattern has completed. Further rally should then resume through 1.2826 towards 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 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.