Daily Pivots: (S1) 1.2959; (P) 1.3019; (R1) 1.3126; More…

Rang trading continues in GBP/USD and intraday bias remains neutral first. On the downside, break of 1.2853 will turn bias to the downside for retesting 1.2675 support and 38.2% retracement of 1.1409 to 1.3482 at 1.2690. On the upside, however, break of 1.3175 will resume the rebound from 1.2675 to retest 1.13482 high.

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) 1.2731; (P) 1.2767; (R1) 1.2835; More…

GBP/USD’s rally from 1.2036 resumed by breaking through 1.2793 resistance. Intraday bias is back on the upside. Next target is 61.8% projection of 1.2068 to 1.2731 from 1.2499 at 1.2909. On the downside, below 1.2698 minor support will turn intraday bias neutral again. But further rally will remain in favor as long as 1.2499 support holds, in case of retreat.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to rise 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) 1.2979; (P) 1.3015; (R1) 1.3082; More…

Intraday bias in GBP/USD remains on the upside at this point. As noted before, correction from 1.3514 should have completed at 1.2725, after hitting 50% retracement of 1.1958 to 1.3514 at 1.2736. Decisive break of 1.3209 should confirm this bullish case and target a test on 1.3514. On the downside, break of 1.2993 will dampen this bullish view and turn bias to the downside for 1.2725 low instead.

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) 1.3266; (P) 1.3429; (R1) 1.3513; More…

GBP/USD retreats notably after failing to break through 1.3624 resistance. Intraday bias remains neutral and some more consolidations could be seen. On the upside, break of 1.3624 will resume whole rise form 1.1409. Next target is 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. However, firm break of 1.3134 will confirm short term topping and turn bias to the downside for deeper decline towards 1.2675 support.

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 edged lower to 1.1958 last week but rebounded strongly ahead of 1.1946 low. A short term bottom should be formed with bullish convergence condition in 4 hour MACD. Further rise is expected this week as long as 1.2162 minor support holds, to 38.2% retracement of 1.3381 to 1.1958 at 1.2502 first. Break will target 61.8% retracement at 1.2837. On the downside, break of 1.2162 minor support will turn bias back to the downside for 1.1958 support instead.

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 1.2779) 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.

In the longer term picture, corrective rebound from 1.1946 (2016 low) was rejected by 55 month EMA. Long term outlook remains bearish. Firm break of 1.1946 will indicate resumption of down trend from 2.1161 (2007 high). Next target is 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

Daily Pivots: (S1) 1.2085; (P) 1.2131; (R1) 1.2156; More

GBP/USD is still bounded in range above 1.2036 and intraday bias stays neutral. Downside breakout is still 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) 1.1449; (P) 1.1494; (R1) 1.1583; More…

GBP/USD recovered after hitting 1.1409 long term support, and intraday bias is turned neutral first. Further decline is in favor as long as 1.1608 minor resistance holds. Firm break of 1.1409 will resume larger down trend to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. Considering bullish convergence condition in 4 hour MACD, break of 1.1608 will indicate short term bottoming, and turn bias back to the upside for 55 day EMA (now at 1.1956).

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). Sustained break of 1.1409 will target 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as 1.2292 resistance holds.

Daily Pivots: (S1) 1.2276; (P) 1.2331; (R1) 1.2387; More…

Intraday bias in GBP/USD remains neutral as it’s still bounded in range of 1.2164/2647. On the downside, break of 1.2164 will indicate completion of rebound from 1.1409. Intraday bias will be turned back to the downside for retesting 1.1409 low. On the upside, break of 1.2647 will extend the rebound 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) 1.3792; (P) 1.3825; (R1) 1.3850; More….

Outlook is GBP/USD remains unchanged. Intraday bias stays neutral and more consolidation could be seen below 1.3865 temporary top. But downside should be contained well above 1.3964 support to bring another rally. On the upside, break of 1.3865 will resume the up trend from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next.

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 open the case of long term up trend. 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) 1.2904; (P) 1.2946; (R1) 1.2993; More…

Intraday bias in GBP/USD remains neutral for the moment. On the downside, break of 1.2880 will turn bias to the downside for retesting 1.2675 support and 38.2% retracement of 1.1409 to 1.3482 at 1.2690. On the upside, however, break of 1.3175 will resume the rebound from 1.2675 to retest 1.13482 high.

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) 1.3665; (P) 1.3708; (R1) 1.3746; More…

Intraday bias in GBP/USD is turned neutral as it drew support from 1.3669 and recovered. Some consolidations could be seen but risk stays on the downside as long as 1.3917 resistance holds. Break of 1.3668/9 will resume the correction from 1.4240 to 1.3482 key resistance turned support. However, firm break of 1.3917 will suggest that the correction has completed, and bring stronger rise to 1.4000 resistance 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) 1.2885; (P) 1.2949; (R1) 1.3023; More….

GBP/USD continues to lose upside moment as seen in 4 hour MACD. But with 1.2749 minor support intact, intraday bias stays on the upside. Current rise from 1.1958 should target 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next. On the downside, below 1.2749 minor support will turn intraday bias neutral and bring consolidations, before staging another rise.

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) 1.3260; (P) 1.3329; (R1) 1.3394; More…

Intraday bias in GBP/USD remains on the upside for retesting 1.3482 resistance. Decisive break there will resume whole rise from 1.1409. Further rally should be seen to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside,break of 1.3195 minor support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat.

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) 1.2340; (P) 1.2408; (R1) 1.2466; More…

Intraday bias in GBP/USD remains neutral for the moment. 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) 1.2039; (P) 1.2088; (R1) 1.2129; More…

Intraday bias in GBP/USD is turned neutral with current recovery. Outlook is unchanged that rebound from 1.1759 should have completed after hitting 55 day EMA. On the downside, below 1.2022 will bring deeper fall to retest 1.1759 low. On the upside, break of 1.2292 will invalidate this view and resume the rebound towards 1.2405 resistance instead.

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 1.2925).

Daily Pivots: (S1) 1.2481; (P) 1.2533; (R1) 1.2618; More…

Intraday bias in GBP/USD remains on the upside despite today’s retreat. Current up trend should 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. For now, outlook will remain bullish as long as 1.2385 support holds, in case of retreat.

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) 1.3781; (P) 1.3850; (R1) 1.3898; More…

GBP/USD’s sharp decline now suggests that recovery from 1.3669 has completed at 1.3917. More importantly, whole correction from 1.4240 is still in progress. Intraday bias is back on the downside for 1.3669. Firm break there will target 1.3482 resistance turned support next. For now, risk will remain on the downside as long as 1.3917 resistance holds, in case of recovery.

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) 1.2988; (P) 1.3034; (R1) 1.3101; More….

Intraday bias in GBP/USD remains neutral for the moment. . On the upside, above 1.3109 will target 1.3174/3217 resistance zone. Decisive break there will complete a head and shoulder bottom pattern (ls: 1.2661, h: 1.2391, rs: 1.2773). That would indicate bullish reversal for 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. On the downside, break of 1.2938 minor support will turn bias back to the downside for 1.2773 instead.

In the bigger picture, focus is back on 1.3174 resistance with current rebound. Sustained break will indicate completion of decline from 1.4376. Rise from 1.2391 would then be seen as the third leg of the corrective pattern from 1.1946 (2016 low). In that case, further rise could be seen through 1.4376 resistance. Nevertheless, rejection by 1.3174 again will extend the decline from 1.4376 through 1.2391 to 1.1946 low.

Daily Pivots: (S1) 1.3270; (P) 1.3302; (R1) 1.3332; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. Further fall could be seen, but we’d look for some support from 1.3164 fibonacci level to bring rebound. On the upside, break of 1.3369 minor resistance will suggest short term bottoming, and turn bias back to the upside for 1.3512 resistance first. However, sustained break of 1.3164 will carry larger bearish implication.

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.

GBP/USD’s rebound from 1.1958 extended last week and breached 38.2% retracement of 1.3381 to 1.1958 at 1.2502. Initial bias remains on this upside this week. Sustained break of 1.2502 will target 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.

In the longer term picture, corrective rebound from 1.1946 (2016 low) was rejected by 55 month EMA. Long term outlook remains bearish. Firm break of 1.1946 will indicate resumption of down trend from 2.1161 (2007 high). Next target is 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.