Daily Pivots: (S1) 1.3053; (P) 1.3103; (R1) 1.3135; More…

GBP/USD is staying in range below 1.3175 temporary top and intraday bias remains neutral at this point. With 1.2910 support intact, further rise is expected. On the upside, break of 1.3175 will resume the rebound from 1.2675 to retest 1.3482 high. 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) 1.2940; (P) 1.2966; (R1) 1.2982; More…

GBP/USD is staying in consolidation above 1.2872 temporary low and intraday bias remains neutral first. Stronger recovery might be seen but upside should be limited below 1.3209 resistance. On the downside, break of 1.2872 will resume the corrective fall from 1.3514 to 61.8% projection of 1.3514 to 1.2905 from 1.3209 at 1.2833 first. Break will target 100% projection at 1.2600 next.

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.

Daily Pivots: (S1) 1.3017; (P) 1.3074; (R1) 1.3107; More….

Intraday bias in GBP/USD remains neutral for the moment. As long as 1.2982 support holds, further rise could be seen. On the upside, break of 1.3185 will target 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303. However, break of 1.2982 support should confirm short term topping. Intraday bias will be turned back to the downside for 1.2813 resistance turned 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) 1.2891; (P) 1.2929; (R1) 1.2998; More…

GBP/USD’s break of 1.3018 resistance suggests that corrective fall from 1.3514 has completed at 1.2725. That came after drawing support from 50% retracement of 1.1958 to 1.3514 at 1.2736. Intraday bias is back on the upside for 1.3209 resistance first. Firm break there should confirm this bullish case and pave the way to retest 1.3514 high.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally from 1.1958. Such rally is expected to resume latter 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. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

Daily Pivots: (S1) 1.2517; (P) 1.2577; (R1) 1.2625; More…

GBP/USD’s decline continues today and hits as low as 1.2480 so far. Intraday bias remains on the downside. Firm break of 61.8% projection of 1.3141 to 1.2618 from 1.2799 at 1.2476 could prompt downside acceleration to 100% projection at 1.2276. On the upside, above 1.2586 minor resistance will turn intraday bias neutral first.

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. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.

Daily Pivots: (S1) 1.3007; (P) 1.3043; (R1) 1.3086; More…

Intraday bias in GBP/USD remains neutral for the moment and more consolidation could be seen below 1.3175 temporary top. With 1.2910 support intact, further rise is still expected. On the upside, break of 1.3175 will target a test on 1.3482 high. On the downside, however, break of 1.2910 will suggest completion of the rebound. 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 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) 1.3272; (P) 1.3355; (R1) 1.3407; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. Further decline is expected with 1.3485 support turned resistance intact. On the downside, break of 1.3272 will target 1.3158 low. Further break there will resume larger down trend from 1.4248. However, firm break of 1.3485 will dampen this bearish view and turn bias back to the upside for 1.3641 resistance.

In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, 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.

Daily Pivots: (S1) 1.2661; (P) 1.2708; (R1) 1.2792; More…

Range trading continues in GBP/USD with today’s sharp fall, and intraday bias remains neutral. Consolidation from 1.2826 could still extend further, and deeper fall cannot be ruled out. But 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 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) 1.3460; (P) 1.3518; (R1) 1.3602; More…

Intraday bias in GBP/USD remains neutral with focus on 1.6308 support turned resistance. Decisive break there will indicate short term bottoming at 1.3410. Intraday bias will be turned back to the upside for 55 day EMA (now at 1.3745) first. On the downside, break of 1.3410 will target 1.3164 medium term fibonacci level next.

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.

Daily Pivots: (S1) 1.2472; (P) 1.2532; (R1) 1.2601; More….

The break of 1.2542 resistance suggests that GBP/USD’s pull back from 1.2813 has completed at 1.2251. Intraday bias is back on the upside for 1.2587 and then 1.2813 high. On the downside, break of 1.2437 minor 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.

GBP/USD’s decline continued last week after some interim consolidations. Initial bias is now on the downside this week. The decline from 1.4248 should target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658. On the upside, break of 1.3193 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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.

In the longer term picture, rebound from 1.1409 long term bottom could have completed at 1.4248 already, ahead of 38.2% retracement of 2.1161 to 1.1409 at 1.5134. The development argues that price actions from 1.1409 are developing into a corrective pattern only. That is, long term bearishness is retained for resuming the downside from 2.1161 (2007 high) at a later stage.

Daily Pivots: (S1) 1.2194; (P) 1.2274; (R1) 1.2342; More….

Intraday bias in GBP/USD remains neutral for the moment. Further rise is mildly in favor as long as 1.2155 minor support holds. On the upside, above 1.2363 will turn bias to the upside for 1.2647 resistance. Break there will resume the rebound from 1.1409 to 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, however, below 1.2155 minor support will turn bias back to the downside for 1.2065 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) 1.2621; (P) 1.2674; (R1) 1.2748; More…

Intraday bias in GBP/USD stays mildly on the upside at this point. Pull back from 1.2847 could have completed at 1.2589. Further rise would be seen to retest 1.2847 high first. Firm break there will resume larger up trend from 1.0351, to 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, though, break of 1.2589 will extend the fall to 55 D EMA (now at 1.2540).

In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).

Daily Pivots: (S1) 1.3798; (P) 1.3831; (R1) 1.3885; More….

Intraday bias in GBP/USD remains on the upside at this point. Current up trend from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Break there will target 1.4376 long tem resistance next. On the downside, break of 1.3774 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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 implication. 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) 1.1827; (P) 1.1932; (R1) 1.1998; More…

Intraday bias in GBP/USD remains on the downside for the moment. Current down trend should target 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671. Decisive break there will target a test on 1.1409 long term support. On the upside, above 1.2055 minor resistance will now indicate short term bottoming, and turn bias to the upside for stronger rebound.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.3065).

GBP/USD dropped sharply after edging higher to 1.2678 last week, but stays above 1.2434 support so far. Initial bias remains neutral this week first. On the downside, decisive break of 1.2434 will confirm short term topping. Considering bearish divergence condition in D MACD, fall from 1.2678 would then be a correction to whole up trend from 1.0351. Deeper decline should then be seen back towards 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789).

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.

Daily Pivots: (S1) 1.2581; (P) 1.2626; (R1) 1.2651; More….

Intraday bias in GBP/USD is turned neutral with today’s retreat. Further rise will remain in favor as long as 1.2508 minor support holds. Above 1.2669 temporary top will extend the rise from 1.2251 to retest 1.2813 high. On the downside, though, break of 1.2508 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) 1.2398; (P) 1.2450; (R1) 1.2484; More…

Intraday bias in GBP/USD remains neutral at this point. With 1.2164 support intact, further rise is mildly in favor. Break of 1.2647 will target 61.8% projection of 1.1409 to 1.2485 from 1.2164 at 1.2829. However, break of 1.2164 support will indicate completion of the rebound and turn bias 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) 1.3646; (P) 1.3680; (R1) 1.3737; More…

Intraday bias in GBP/USD remains on the upside as rise from 1.3158 is extending. No change in the view that corrective fall from 1.4282 should have completed with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Further rally should be seen to 1.3833 resistance first. Firm break there will pave the way 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.

GBP/USD dropped to 1.3608 last week but defended 1.3601 support and recovered. Yet, it failed to sustain above 4 hour 55 EMA and retreated. Initial bias is turned neutral this week first. On the upside, above 1.3749 will target a test on 1.3912 resistance. Firm break there will argue that consolidation pattern from 1.4248 has completed and stronger rally to retest this high. On the downside, however, break of 1.3570 support will target 1.3482 key support level. Sustained break there will carry larger bearish implication and target 1.3163 fibonacci level.

In the bigger picture, as long as 1.3482 resistance turned support holds, we’d still treat price actions from 1.4248 as a corrective move. That is, up trend from 1.1409 (2020 low) is in favor to resume. Decisive break of 1.4376 key resistance (2018 high) would indeed carry long term bullish implications. However, sustained break of 1.3482 will at least bring deeper fall to 38.2% retracement of 1.1409 to 1.4248 at 1.3164, or even further to 61.8% retracement at 1.2493.

In the longer term picture, a long term bottom should be in place at 1.1409, on bullish convergence condition in monthly MACD. Rise from there would target 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Reaction from there would reveal whether rise from 1.1409 is just a correction, or developing into a long term up trend.