Daily Pivots: (S1) 1.1965; (P) 1.2027; (R1) 1.2089; More…

Intraday bias sin GBP/USD remains neutral for the moment. On the downside, break of 1.1914 will resume the decline from 1.2446 for 1.1840 support and possibly below. On the upside, break of 1.2146 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 1.2251). Deeper decline should be seen back to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

Daily Pivots: (S1) 1.2818; (P) 1.2860; (R1) 1.2898; More…..

Consolidations continue in GBP/USD and intraday bias remains neutral. With 1.3007 resistance intact, fall from 1.3482 is still in favor to extend lower. On the downside, sustained break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201. However, 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 1.2749) 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) 1.3763; (P) 1.3789; (R1) 1.3824; More….

Intraday bias in GBP/USD remains neutral for consolidation above 1.3711 temporary low. Near term outlook is still mildly bearish with 1.4144 resistance intact. Correction from 1.4345 would extend to 1.3651 resistance turned support and below. At this point, such fall is viewed as a corrective move. Hence, 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.

Daily Pivots: (S1) 1.2386; (P) 1.2421; (R1) 1.2452; More…

GBP/USD’s retreat from 1.2524 extends lower today but stays well above 1.2203 resistance turned support. Intraday bias remains neutral and another rally is in favor. On the upside, break of 1.2524 will target 1.2759 fibonacci level first. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095.

In the bigger picture, the rise from 1.0351 medium term term bottom (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. Sustained break there will add to the case of long term bullish trend reversal. Further break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt upside acceleration to 100% projection at 1.3895. For now, this will remain the favored case as long as 1.1801 support holds, even in case of deep pull back.

Daily Pivots: (S1) 1.3289; (P) 1.3365; (R1) 1.3442; More…

Focus is immediately on 1.3482 resistance in GBP/USD with today’s rise. Decisive break of 1.3482 will confirm resumption of whole rise from 1.1409. Next target will be 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3283 support will turn bias back to the downside, to extend the consolidation from 1.3482 with another falling leg.

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) 1.4255; (P) 1.4316; (R1) 1.4350; More…

GBP/USD’s decline from 1.4376 accelerated to as low as 1.4172 today. But it’s holding above 1.4144 minor support so far. Intraday bias remains neutral first. Another rise is still mildly in favor as long as 1.4144 minor support holds. But break of 1.4376 is needed to confirm up trend resumption. In that case, GBP/USD would target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Before that, more consolidation would be seen. And on the downside, firm break of 1.4144 will be and early sign of medium term topping and turn focus back to 1.3965 support.

In the bigger picture, rise from 1.1946 (2016 low) is in progress and resuming. It 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. We’d continue to favor this medium term bullish view as long as 1.3711 support holds, even in case of deep pull back.

Daily Pivots: (S1) 1.3472; (P) 1.3493; (R1) 1.3521; More…

Intraday bias in GBP/USD remains neutral for the moment. Consolidation from 1.3351 is still in progress and could extend further. But upside of recovery should be limited below 1.3606 resistance to bring down trend resumption. On the downside, break of 1.3351 will extend the decline 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) 1.2377; (P) 1.2427; (R1) 1.2518; More….

Intraday bias in GBP/USD remains neutral for the moment and some consolidations could be seen. But as long as 1.2587 resistance holds, further decline is in favor. Below 1.2334 temporary will will target 1.2065 support first. Firm break there will confirm completion of rebound from 1.1409 at 1.2813. However, break of 1.2587 will dampen this bearish view and bring retest of 1.2813 high 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.

GBP/USD’s decline from 1.3141 continued last week despite interim recovery. Further decline is in favor this week. Break of 1.2761 will target 55 D EMA (now at 1.2720) and below. Nevertheless, on the upside, break of 1.2994 resistance will argue that the pull back has completed, and bring retest of 1.3141 high.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal.

In the long term picture, sustained trading above 55 M EMA (now at 1.2909) will add to the case of long term bullish reversal. Decisive break of 1.4248 cluster resistance (38.2% retracement of 2.1161 (2007 high) to 1.0351 at 1.4480) will confirm completion of whole down trend from 2.1161. Nevertheless, rejection by 1.4248/4480 will keep long term outlook neutral at best.

Daily Pivots: (S1) 1.1974; (P) 1.2061; (R1) 1.2129; More…

No change in GBP/USD’s outlook. Intraday bias stays on the downside as fall form 1.2445 is in progress for 55 day EMA (now at 1.1900). 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 1.1900) holds.

Daily Pivots: (S1) 1.2184; (P) 1.2213; (R1) 1.2260; More….

Intraday bias in GBP/USD remains on the downside for the moment. Corrective rebound from 1.1409 should have completed. Deeper fall would be seen to retest 1.1409 low. On the upside, though, break of 1.2467 resistance will turn bias back to the upside for 1.2647 resistance instead.

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) 1.3813; (P) 1.3833; (R1) 1.3853; More….

GBP/USD’s rebound resumed by breaking 1.3846 minor resistance intraday bias is back on the upside for 1.4000 resistance. Decisive break there should confirm that corrective pull back from 1.4240 has completed with three waves down to 1.3669, ahead of 38.2% retracement of 1.2675 to 1.4240 at 1.3642. Retest of 1.4240 high should be seen next. On the downside, below 1.3808 minor support will dampen this view and turn bias neutral 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. 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) 1.2397; (P) 1.2435; (R1) 1.2463; More…

Intraday bias in GBP/USD remains neutral for more consolidations. Upside of recovery should be limited by 1.2577 minor resistance to bring another fall. On the downside, firm break of 1.2404 will resume the decline from 1.2892 to 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354. Firm break there will target 161.8% projection at 1.2207 next.

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) 1.2827; (P) 1.2877; (R1) 1.2938; More….

Intraday bias in GBP/USD remains neutral for consolidations. Further decline remains in favor with 1.3035 minor resistance intact. Decisive break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 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) 1.3743; (P) 1.3778; (R1) 1.3826; More….

GBP/USD’s break of 1.3816 minor resistance suggests that corrective pull back from 1.4240 has completed with three waves down to 1.3669, ahead of 38.2% retracement of 1.2675 to 1.4240 at 1.3642. Intraday bias is back on the upside for 1.4000 resistance and then 1.4240 high. On the downside, break of 1.3755 minor support will turn intraday bias back to the downside for 1.3669 again.

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) 1.2989; (P) 1.3027; (R1) 1.3049; More…

Intraday bias in GBP/USD remains neutral and further decline is expected with 1.3165 resistance intact. On the downside, break of will resume larger down trend from 1.4248. Next target is 61.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2900. On the upside, firm break of 1.3165 will confirm short term bottoming, and turn bias back to the upside for 1.3297 resistance and above.

In the bigger picture, rise 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 confirm completion of the fall from 1.4248, or outlook will stay bearish.

Daily Pivots: (S1) 1.3002; (P) 1.3022; (R1) 1.3060; More…

GBP/USD is still bounded in range of 1.2905/3097 and intraday bias remains neutral. On the downside, sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1.2920 will target 61.8% retracement at 1.2552. On the upside, above 1.3097 minor resistance will turn bias back to the upside for 1.3284 resistance instead.

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.

Daily Pivots: (S1) 1.2948; (P) 1.3040; (R1) 1.3091; More….

With 1.3133 minor resistance intact, intraday bias in GBP/USD stays on the downside. Fall from 1.3514 is correcting whole rise from 1.1958. Deeper decline would be seen to 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) 1.3592; (P) 1.3645; (R1) 1.3724; More….

Intraday bias in GBP/USD remains mildly on the upside for 1.3758 high. Break there will resume larger up trend from 1.1409, to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, though, break of 1.3564 will resume the correction to channel support (now at 1.3489).

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.

Daily Pivots: (S1) 1.3560; (P) 1.3598; (R1) 1.3628; More…

GBP/USD is staying in consolidation below 1.3672 temporary top and intraday bias remains neutral first. On the downside, break of 1.3542 minor support will suggest that rebound from 1.3410 has completed, and fall from 1.4248 is ready to resume. Intraday bias will be turned back to the downside for 1.3410 and below. On the upside, though, above 1.3672 will resume the rebound to 55 day EMA (now at 1.3717) first.

In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.