Daily Pivots: (S1) 1.2662; (P) 1.2697; (R1) 1.2730; More…

Intraday bias in GBP/USD remains neutral for the moment, and more consolidations could be seen below 1.2731. For now, further rally is in favor as long as 1.2426 resistance turned support holds. On the upside, sustained trading above 61.8% retracement of 1.3141 to 1.2036 at 1.2716 will pave the way to retest 1.3141 high.

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.

Daily Pivots: (S1) 1.3115; (P) 1.3192; (R1) 1.3242; More….

GBP/USD’s pull back from 1.3482 is still extending lower. But it’s held well above 1.3053 support. Hence, intraday bias stays neutral first and further rise remains in favor. On the upside, break of 1.3482 will resume the whole rise from 1.1409 to 1.3514 key resistance next. However, break of 1.3053 will indicate short term topping and initial rejection by 1.3514. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.29649 and below.

In the bigger picture, immediate focus is still on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.

Daily Pivots: (S1) 1.2880; (P) 1.2907; (R1) 1.2960; More…

GBP/USD’s rally continues today and hit as high as 1.2968 so far. Intraday bias remains on the upside for 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, below 1.2884 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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) 1.2890; (P) 1.2957; (R1) 1.3017; More…

Intraday bias in GBP/USD stays neutral for consolidation from 1.3082. Further rise is still in favor with 1.2845 support intact. On the upside, above 1.3082 will resume the rebound from 1.2675 for retesting 1.3482 high. On the downside, however, 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 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) 1.2977; (P) 1.2995; (R1) 1.3029; More…

GBP/USD is staying in range of 1.2954/3118 and intraday bias remains neutral first. On the downside, sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1.2920 will resume the corrective fall from 1.3514. Next target will be 61.8% retracement at 1.2552. On the upside, above 1.3118 will turn bias to the upside for 1.3284 resistance.

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) 1.3870; (P) 1.3900; (R1) 1.3934; More…

Outlook in GBP/USD remains unchanged and intraday bias stays neutral first. On the upside, break of 1.4008 should reaffirm the bullish case that correction from 1.4240 has completed. Further rise should be seen back to retest 1.4240 high. 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) 1.2332; (P) 1.2399; (R1) 1.2482; More…

With 4 hour MACD crossed below signal line, intraday bias in GBP/USD turned 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) has just resumed. 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) 1.2389; (P) 1.2444; (R1) 1.2494; More…

Intraday bias in GBP/USD stays neutral at this point. On the upside, break of 1.2543 will resume the rebound from 1.2306. Further rally should then be seen to retest 1.2678 high. On the downside, break of 1.2306 will resume the correction from 1.2678. Deeper decline would then be seen to 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.

Daily Pivots: (S1) 1.2744; (P) 1.2795; (R1) 1.2876; More…

Intraday bias in GBP/USD remains neutral first. On the upside, above 1.2927 resistance will bring stronger rebound to 1.3071 and possibly above. On the downside, break of 1.2725 should extend recent fall to retest 1.2661 key support. After all, price actions from 1.2661 are viewed as a consolidation pattern. Even in case of strong rebound, upside should be limited by 1.3316 fibonacci level to bring down trend 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. 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) 1.2824; (P) 1.2883; (R1) 1.2922; More….

Intraday bias in GBP/USD remains on the downside with 1.2938 minor resistance intact. As noted before, current development suggests that rebound from 1.2391 has completed at 1.3217 already, after rejection by 1.3174 key resistance. Further decline would be seen back to retest 1.2391 low. On the upside, above 1.2938 minor resistance will turn intraday bias neutral first.

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.

GBP/USD’s rebound from 1.2298 resumed by breaking through 1.2568 last week. The strong break of 55 D EMA suggest that fall from 1.2892 has completed with three waves down to 1.2298. Initial bias stays on the upside this week. Break of 61.8% projection of 1.2298 to 1.2568 from 1.2471 will target 100% projection at 1.2741. For now, further rally will be expected as long as 1.2471 support holds, in case of retreat.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2298 support will extend the corrective pattern instead.

In the long term picture, a long term bottom should be in place at 1.0351 on bullish convergence condition in M MACD. But momentum of the rebound from 1.3051 argues GBP/USD is merely in consolidation, rather than trend reversal. Range trading is likely between 1.0351/4248 for some more time.

GBP/USD recovered last week but upside was capped below 1.2799 resistance. Initial bias remains neutral this week and more consolidations could be seen. On the downside, break of 1.2546 will resume whole fall from 1.3141 to 61.8% projection of 1.3141 to 1.2618 from 1.2799 at 1.2476. However, on the upside, firm break of 1.2799 will indicate that the correction from 1.3141 has completed. Intraday bias will be turned back to the upside for retesting 1.3141.

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.

In the long term picture, sustained trading above 55 M EMA (now at 1.2902) will add to the case of long term bullish reversal, and target 1.4248 cluster resistance (38.2% retracement of 2.1161 (2007 high) to 1.0351 at 1.4480) for confirmation. Nevertheless, rejection by 55 M EMA will maintain long term bearishness for downside resumption at a later stage.

GBP/USD recovered further to 1.3297 last week but retreated since then. Initial bias remains neutral this week first. 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.

In the longer term picture, rebound from 1.1409 long term bottom could have completed at 1.4248 already, well 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) 1.2973; (P) 1.3007; (R1) 1.3033; More…

Range trading continues in GBP/USD and intraday bias remains neutral at this point. With 1.3165 resistance intact, further decline is expected. On the downside, break of 1.2971 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) 1.3386; (P) 1.3463; (R1) 1.3511; More…

GBP/USD’s break of 1.3283 support suggests short term topping at 1.3539. Intraday bias is back on the downside for 55 day EMA (now at 1.3152) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. For now, risk will stay on the downside as long as 1.3539 resistance holds, in case of recovery.

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) 1.2104; (P) 1.2164; (R1) 1.2206; More

Intraday bias in GBP/USD stays on the downside for retesting 1.2036 low. Firm break will resume whole decline from 1.3141 for 1.1801 support next. On the upside, above 1.2224 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2336 resistance holds.

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 1.2418) holds, in case of rebound.

Daily Pivots: (S1) 1.3315; (P) 1.3356; (R1) 1.3410; More….

GBP/USD’s rally is still in progress and intraday bias stays on the upside. Firm break of 161.8% projection of 1.2065 to 1.2813 from 1.2251 at 1.3461 will target 1.3514 key resistance next. On the downside, below 1.3351 minor support will turn intraday bias neutral first. But break of 1.3053 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, immediate focus is now on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.

Daily Pivots: (S1) 1.3039; (P) 1.3080; (R1) 1.3157; More…

Intraday bias in GBP/USD remains on the upside for the moment. Further rise should be seen to retest 1.3297 resistance. But still, for now, we’d expect strong resistance from 1.3316 key fibonacci level to limit upside to bring down trend resumption. On the downside, below 1.3002 minor support will turn bias back to the downside for 1.2921 first.

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 1.4062). 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) 1.2187; (P) 1.2248; (R1) 1.2283; More

GBP/USD’s break of 55 4H EMA (now at 1.2246) argues that corrective recovery from 1.2036 has completed with three waves up to 1.2426. That came after rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Intraday bias is back on the downside for retesting 1.2036/68 support zone. Nevertheless, break of 1.2307 minor resistance will dampen this bearish case, and turn intraday bias neutral first.

In the bigger picture, price actions from 1.3141 medium term top are seen as a correction to up trend from 1.3051 (2022 low). Strong rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will argue that it’s a sideway pattern only. However, sustained break of 1.2036 will indicate that it’s a deeper correction that would target 61.8% at 1.1417 before completion.

Daily Pivots: (S1) 1.2953; (P) 1.3019; (R1) 1.3079; More…

GBP/USD’s strong recovery and break of 1.3082 suggests that a temporary low is formed. Intraday bias is turned neutral to bring some consolidation Stronger recovery could be seen. But upside should be limited well below 1.3362 resistance to bring fall resumption. Break of 1.2956 will resume the fall fro 1.4376 to 61.8% projection of 1.4376 to 1.3203 from 1.3362 at 1.2637 next.

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 1.4179). 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 1.3471 resistance is needed to be the first indication of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.