Daily Pivots: (S1) 1.2095; (P) 1.2135; (R1) 1.2193; More….

Intraday bias in GBP/USD remains neutral as consolidation from 1.2014 is extending. With 1.2209 minor resistance intact, near term outlook remains bearish and further fall is expected. On the downside break of 1.2014 will target 1.1946 low first. Firm break there will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. On the upside, break of 1.2209 resistance will suggest short term bottoming. In this case, lengthier consolidation should be seen first before another decline.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.2817; (P) 1.2971; (R1) 1.3060; More…

GBP/USD’s break of 1.2993 minor support suggests rejection by 1.3209 resistance. Corrective pattern from 1.3514 is possibly still extending. Intraday bias is back on the upside for retesting 1.2725 low first. On the upside, break of 1.320/9 will confirm completion of the correction from 1.3514 and bring retest of this high.

In the bigger picture, rise from 1.1958 is expected resume after correction from 1.3514 completes. Next target is 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) 1.2381; (P) 1.2443; (R1) 1.2560; More….

No change in GBP/USD’s outlook. With 1.2283 minor support intact, further rise is mildly in favor. Sustained break of 38.2% retracement of 1.3381 to 1.1958 at 1.2502 will pave the way to 61.8% retracement at 1.2837. On the downside, however, break of 1.2283 minor support will suggest that the rebound is completed. Intraday bias will be turned back to the downside for retesting 1.1958 low.

In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2769) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

Daily Pivots: (S1) 1.3286; (P) 1.3326; (R1) 1.3375; More…

GBP/USD is staying in consolidation from 1.3277 and intraday bias remains neutral first. Upside of recovery should be limited below 1.3512 resistance to bring another fall. Break of 1.3277 will resume the decline from 1.4248 to 1.3164 fibonacci level next. Nevertheless, break of 1.3512 will indicate short term bottoming and bring stronger rebound.

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, break of 1.3833 resistance will argue that the correction has completed and bring retest of 1.4248 high. However, sustained trading below 1.3164 will revive some medium term bearishness and target 61.8% retracement at 1.2493.

Daily Pivots: (S1) 1.2862; (P) 1.2907; (R1) 1.2977; More….

GBP/USD’s rally is still in progress and intraday bias stays on the upside. Current rise from 1.1409 should target 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, below 1.2838 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.2669 resistance turned support to bring another rally.

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) 1.2547; (P) 1.2568; (R1) 1.2602; More…

Intraday bias in GBP/USD remains on the upside for retesting 1.2678 high. Firm break there will resume larger up trend to 1.2759 fibonacci level next. On the downside, however, break of 1.2532 minor support will turn bias back to the downside, to extend the pattern from 1.2678 with another falling leg back towards 1.2306 support instead.

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) 1.0881; (P) 1.1000; (R1) 1.1238; More…

GBP/USD’s rebound from 1.0351 is still in progress and intraday bias stays mildly on the upside. Further rise could be seen to 61.8% retracement of 1.2292 to 1.0351 at 1.1551. On the downside, break of 1.0760 minor support will indicate that the rebound is over, and bring retest of 1.0351 low.

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.

Daily Pivots: (S1) 1.2804; (P) 1.2834; (R1) 1.2863; More….

GBP/USD is staying in consolidation from 1.3012 and intraday bias remains neutral first. We’d expect strong support above 1.2582 resistance turned support to bring rise resumption. On the upside, break of 1.3012 will resume the rise from 1.1958 to 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next.

In the bigger picture, current development affirms the case of medium term bottoming at 1.1958, ahead of 1.1946 (2016 low). At this point, rise from 1.1958 is seen as the third leg of consolidation from 1.1946. Further rise would be seen back towards 1.4376 resistance. For now, this will remain the favored case as long as 1.2195 support holds.

Daily Pivots: (S1) 1.2914; (P) 1.2947; (R1) 1.2982; More…

GBP/USD is still staying in range of 1.2845/3082 for the moment. Intraday bias remains neutral and another rise is expected. 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) 1.3230; (P) 1.3273; (R1) 1.3307; More…

GBP/USD’s rebound from 1.3101 is still in progress and further rise could be seen. But upside is expected to be limited by 1.3471 resistance to bring fall resumption. On the downside, break of 1.3101 will resume the whole decline from 1.4376 and target 61.8% retracement of 1.1946 to 1.4376 at 1.2875 next.

In the bigger picture, current development suggests that whole medium term rebound from 1.1936 (2016 low) has completed at 1.4376 already, with trend line broken firmly, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4177). 61.8% retracement of 1.1936 (2016 low) to 1.4376 at 1.2874 is the next target. We’ll pay attention to the reaction from there to asses the chance of long term down trend resumption. For now, outlook will stay bearish as long as 55 day EMA (now at 1.3507) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3349; (P) 1.3457; (R1) 1.3511; More…

Intraday bias in GBP/USD stays on the downside for the moment. Fall from 1.4248 is in progress and should target 1.3164 fibonacci level next. On the upside, break of 1.3606 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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) 1.3494; (P) 1.3550; (R1) 1.3602; More…

GBP/USD is staying in tight range above 1.3485 temporary low. And intraday bias stays neutral for more consolidations. Stronger recovery could be seen to 4 hour MACD (now at 1.3655) and above. But upside is expected to be limited by 38.2% retracement of 1.4376 to 1.3485 at 1.3825 to bring fall resumption. Break of 1.3485 will resume the fall from 1.4376. Further break of 1.3448 fibonacci level will target 1.2874 and below.

In the bigger picture, current development suggests that whole medium term rebound from 1.1936 (2016 low) has completed at 1.4376 already, with trend line broken, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4223). Deeper decline should be seen to 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 first. Break will target 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3925) holds, even in case of strong rebound.

GBP/USD’s rise from 1.2298 resumed by breaking through 1.2633 last week. Initial bias is now on the upside this week. Firm break of 1.2708 resistance will target 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. On the downside, below 1.2642 minor support will turn intraday bias neutral again. But further rise will now remain in favor as long as 1.2445 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 stayed in consolidation below 1.2847 last week and outlook is unchanged. Initial bias remains neutral this week first. Further rally is expected as long as 1.2628 support holds. On the upside, firm break of 1.2847 will resume larger up trend and target 100% projection of 1.1801 to 1.2678 from 1.2306 at 1.3183 next. However, firm break of 1.2628 will turn bias to the downside, for deeper fall to 1.2306 support instead.

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).

In the long term picture, immediate focus is on 55 M EMA (now at 1.2919). Sustained trading above there add to the case of long term bullish reversal. Nevertheless, break of 1.4248 resistance (2021 high), and 38.2% retracement of 2.1161 (2007 high) to 1.0351 at 1.4480 is needed to confirm. Otherwise, long term outlook is just neutral at best.

Daily Pivots: (S1) 1.2940; (P) 1.2966; (R1) 1.2982; More…

GBP/USD’s recovery from 1.2872 extends higher today but stays below 1.3209 resistance. Intraday bias remains neutral first and the corrective fall from 1.3514 is still in favor the resume through 1.2872 at a later stage. Nevertheless, firm break of 1.3209 will turn bias to the upside for retesting 1.3514 instead.

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) 1.2686; (P) 1.2745; (R1) 1.2803; More….

Intraday bias in GBP/USD remains neutral for consolidation above 1.2675 temporary low. Further decline is expected as long as 1.3007 resistance holds. 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) 1.3085; (P) 1.3118; (R1) 1.3150; More…

Range trading continues in GBP/USD and intraday bias remains neutral at this point. Further decline is mildly in favor with 1.3297 resistance intact. On the downside, firm break of 1.2999 will resume larger down trend from 1.4248. However, firm break of 1.3297 will turn bias back to the upside for 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 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.

Daily Pivots: (S1) 1.2990; (P) 1.3041; (R1) 1.3080; More…

Intraday bias in GBP/USD remains on the downside for the moment. Corrective rise from 1.2661 has completed at 1.3297, ahead of 1.3316 key fibonacci level. Deeper fall should be seen to 1.2784 support first. Break will likely resume larger down trend from 1.4376 through 1.2661. On the upside, above 1.3089 minor resistance will turn intraday bias neutral and bring consolidation, before staging another decline.

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.

GBP/USD stayed in range below 1.4008 last week but late rally suggests that rebound from 1.3668 might be ready to resume. Focus is immediately on 1.4008 resistance this week. Break there will also reaffirm the bullish case that correction from 1.4240 has completed. Further rise should be seen back to retest 1.4240 high. On the downside, through, break f 1.3800 support will likely extend the correction from 1.4240 with another falling leg through 1.3668.

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.

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.

Daily Pivots: (S1) 1.3763; (P) 1.3789; (R1) 1.3824; More….

GBP/USD recovers mildly today but it’s considered staying in consolidation from 1.3711 temporary low. Intraday bias stays neutral at this point. And, 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.