Daily Pivots: (S1) 1.2701; (P) 1.2750; (R1) 1.2782; More…

GBP/USD is still bounded in established range and intraday bias stays neutral for the moment. On the downside, firm break of 1.2615, and sustained trading below 1.2678 resistance turned support will argue that it’s already in a larger correction. Deeper decline would then be seen to 1.2306 support next. Nevertheless, break of 1.2817 minor resistance will indicate that the pull back from 1.3141 has completed, and turn bias back to the upside for stronger rebound.

In the bigger picture, a medium term top could be in place at 1.3141 already, on bearish divergence condition in D MACD. Sustained trading below 55 D EMA (now at 1.2723) should confirm this case, and bring deeper fall to 38.2% retracement of 1.0351 to 1.3141 at 1.2075, as a correction to up trend from 1.0351 (2022 low). For now, rise will stay mildly on the downside as long as 1.3141 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.3230; (P) 1.3264; (R1) 1.3317; More…

GBP/USD’s fall from 1.3471 is still in progress and intraday bias remains on the downside for 1.3203. Break will resume whole decline from 1.4376 and target 50% retracement of 1.1946 to 1.4376 at 1.3161 first, and 61.8% retracement at 1.2875 next. And, for now, outlook remains bearish as long as 1.3471 resistance holds, in case of recovery.

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 1.4182). 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 1.3617 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.2276; (P) 1.2307; (R1) 1.2344; More

Intraday bias in GBP/US remains on the upside as rebound from 1.2306 short term bottom is in progress. Firm break of near term channel resistance (now at 1.2334) will target 38.2% retracement of 1.3141 to 1.2036 at 1.2458 next. Nevertheless, break of 1.2210 minor support will revive near term bearishness and bring retest of 1.2036 low.

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 1.2440) holds, in case of rebound.

Daily Pivots: (S1) 1.3613; (P) 1.3648; (R1) 1.3678; More….

GBP/USD’s break of 1.3608 minor support suggests that deeper correction is underway. Intraday bias is turned back to the downside for channel support (now at 1.3481). Strong support is expected there to contain downside to bring up trend resumption. Above 1.3682 minor resistance will turn bias to the upside to bring retest of 1.3758 resistance. However, sustained break of the channel support will argue that it’s already correcting whole up trend 1.1409. Near term outlook will be turned bearish for deeper fall.

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) 1.2597; (P) 1.2621; (R1) 1.2650; More…

Intraday bias in GBP/USD stays on the upside for the moment. Current rise from 1.2036 should target 61.8% retracement of 1.3141 to 1.2036 at 1.2716. Upside could be capped there on first attempt, on loss of momentum as seen in 4H MACD. On the downside, below 1.2572 minor support will turn intraday bias neutral and bring consolidations. But further rally will remain in favor as long as 1.2426 resistance turned support holds.

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) 1.2721; (P) 1.2753; (R1) 1.2787; More…

Intraday bias in GBP/USD remains neutral as it’s still bounded in range below 1.2826. More sideway trading could be seen. On the upside, decisive break of 1.2826 will resume whole rally from 1.2036. Nevertheless, another fall and break of 1.2611 will bring deeper correction to 1.2499 support instead.

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) 1.2687; (P) 1.2757; (R1) 1.2802; More…

Intraday bias in GBP/USD remains neutral for the moment. Further rise is in favor as long as 1.2611 support holds. Above 1.2826 will resume larger rise from 1.2036 to 61.8% projection of 1.2068 to 1.2731 from 1.2499 at 1.2909. Nevertheless, break of 1.2611 will indicate short term topping, and turn bias back to the downside for 1.2499 support.

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.

GBP/USD’s fall from 1.4248 continued last week and immediate focus is now on 1.3164 medium term fibonacci level. Sustained break there will carry larger bearish implication, and target 161.8% projection of 1.4248 to 1.3570 from 1.3833 at 1.2736. Nevertheless, break of 1.3369 minor resistance will turn bias back to the upside for 1.3512 resistance first.

In the bigger picture, immediate focus is now on 38.2% retracement of 1.1409 to 1.4248 at 1.3164. Sustained break there will argue that whole rise from 1.1409 has completed at 1.4248, ahead rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 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.

Daily Pivots: (S1) 1.2008; (P) 1.2075; (R1) 1.2123; More…

Intraday bias in GBP/USD remains mildly on the downside at this point. Rebound from 1.1759 could have completed at 1.2292, after rejection by 55 day EMA. Deeper fall should be seen to retest 1.1759 low. Break there will resume larger down trend. On the upside, above 1.2142 minor resistance will mix up the outlook and turn intraday bias neutral first.

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 1.2897).

GBP/USD turned sideway after rising to 1.2760 last week. Intraday bias remains neutral this week for some consolidations, but further rally is in favor. Above 1.2760 will resume the rally from 1.2298 to 1.2892 resistance next. On the downside, below 1.2670 will turn bias to the downside for deeper pull back.

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 1.2445 support will extend the corrective pattern with another decline 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.

Daily Pivots: (S1) 1.1330; (P) 1.1447; (R1) 1.1507; More…

GBP/USD’s break of 1.1256 suggests that rebound from 1.0351 has completed with three waves up to 1.1644, ahead of 1.1759 support turned resistance. The development retains larger bearishness. Intraday bias is back on the downside for 1.0922 support first. Break there will target a retest on 1.0351 low. For now, risk will stay on the downside as long as 1.1644 resistance holds, in case of recovery.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2392).

Daily Pivots: (S1) 1.2297; (P) 1.2356; (R1) 1.2403; More…

GBP/USD is still bounded in range of 1.2164/2647. Intraday bias remains neutral at this point. 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) 1.3532; (P) 1.3567; (R1) 1.3589; More…

GBP/USD’s break of 1.3489 support and 55 day EMA dampened our original bullish view. Rebound from 1.3158 is completed at 1.3748, and larger fall from 1.4282 is not over. Intraday bias is back on the downside for retesting 1.3158 low first. On the upside, though, above 1.3571 minor resistance will turn bias back to the upside for retesting 1.3748.

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.

Daily Pivots: (S1) 1.2465; (P) 1.2554; (R1) 1.2679; More…

GBP/USD is still staying below 1.2647 resistance despite current rebound. Intraday bias remains neutral first. Further rise is in favor as long as 1.2247 support holds. Break of 1.2647 will resume the rise form 1.1409 and target 1.3200 resistance next. On the downside, break of 1.2247 support will indicate completion of rebound from 1.1409. Intraday bias will be turned 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) 1.3844; (P) 1.3930; (R1) 1.3981 More….

GBP/USD’s break of 1.3828 support now suggests that deeper correction is underway. Intraday bias is back on the downside for 38.2% retracement of 1.2675 to 1.4240 at 1.3642 first. Break there will target 61.8% retracement at 1.3273 next. On the upside, break of 1.4016 resistance is needed to indicate completion of the pull back. Otherwise, risk will stay mildly on the downside.

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.

GBP/USD dropped to as low as 1.2476 last week with strong break of 1.2661 key support. As a temporary low is formed, initial bias stays neutral this week for consolidations first. In case of stronger recovery, upside should be limited by 1.2811 resistance to bring fall resumption. On the downside, break of 1.2476 will extend larger down trend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. However, firm break of 1.2811 will be an early signal of trend reversal and turn focus back to 1.3174 resistance.

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 from 2.1161 (2007 high). And this will now remain the preferred case as long as 1.3174 structural resistance holds. GBP/USD should now target a test on 1.1946 first. Decisive break there will confirm our bearish view.

In the longer term picture, outlook in GBP/USD is held bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

GBP/USD stayed in consolidation below 1.4248 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, sustained break of 1.4240 resistance will resume larger up trend from 1.1409, for 1.4376 key resistance next. On the downside, however, firm break of 1.4072 support will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support 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.

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) 1.1538; (P) 1.1581; (R1) 1.1658; More…

GBP/USD is staying in consolidation below 1.1644 and intraday bias remains neutral. Further rise is expected as long as 1.1256 minor support holds. On the upside, break of 1.1644 will resume rise form 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.0922 at 1.2065. However, break of 1.1256 will turn bias back to the downside for 1.0922 support and below.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2392).

Daily Pivots: (S1) 1.3096; (P) 1.3136; (R1) 1.3207; More….

Intraday bias in GBP/USD remains neutral for the moment. On the downside, below 1.3053 will target 1.2905 support. 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, break of 1.3284 will bring retest of 1.3514 high.

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) 1.3039; (P) 1.3153; (R1) 1.3212; More….

Intraday bias in GBP/USD remain neutral for the moment and some consolidations could be seen. But further rise is expected as long as 1.3005 support holds. Break of 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 will pave the way to 1.3514 structural resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 1.3006 should confirm short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2802).

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.