GBP/USD recovered after edging lower to 1.2999 last week. But recovery was capped at 1.3210. Initial bias remains neutral this week first. On the downside, break of 1.2999 will resume later down trend from 1.4248. However, firm break of 1.3210 should confirm short term bottoming. Stronger rise should be seen back to 55 day EMA (now at 1.3369).

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) 1.3088; (P) 1.3150; (R1) 1.3211; More…

Intraday bias in GBP/USD remains neutral at this point. With 1.3210 minor resistance intact, further decline is still in favor. On the downside, break of 1.2999 will resume larger down trend from 1.4248. However, on the upside, firm break of 1.3210 minor resistance should confirm short term bottoming at 1.2999. Intraday bias will be back to the upside for 55 day EMA (now at 1.3368).

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) 1.3088; (P) 1.3150; (R1) 1.3211; More…

Intraday bias in GBP/USD remains neutral for the moment. On the upside, firm break of 1.3210 minor resistance should confirm short term bottoming at 1.2999. Intraday bias will be back to the upside for 55 day EMA (now at 1.3368). Nevertheless, break of 1.2999 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.

Daily Pivots: (S1) 1.3068; (P) 1.3112; (R1) 1.3193; More…

GBP/USD reversed after breaching 1.3193 resistance, but stays above 1.2999 support. Intraday bias remains neutral first and further decline is still in favor. On the downside, break of 1.2999 will resume larger down trend from 1.4248. However, on the upside, firm break of 1.3193 will confirm short term bottoming. Intraday bias will be turned back to the upside for 55 day EMA (now at 1.3374).

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) 1.3068; (P) 1.3112; (R1) 1.3193; More…

Intraday bias in GBP/USD remains neutral at this point, and further decline is still expected as long as 1.3193 resistance holds. Break of 1.2999 will resume larger down trend from 1.4248. However, on the upside, firm break of 1.3193 will confirm short term bottoming. Intraday bias will be turned back to the upside for 55 day EMA (now at 1.3384).

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) 1.2998; (P) 1.3044; (R1) 1.3087; More…

GBP/USD is staying in consolidation from 1.2999 and intraday bias remains neutral. Further decline is expected as long as 1.3193 resistance holds. On the downside, below 1.2999 will target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658 next. However, firm break of 1.3193 will indicate short term bottoming, and 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) 1.2998; (P) 1.3044; (R1) 1.3087; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.2999 temporary low. Further decline is expected as long as 1.3193 resistance holds. On the downside, below 1.2999 will target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658 next. However, firm break of 1.3193 will indicate short term bottoming, and 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) 1.2975; (P) 1.3027; (R1) 1.3053; More…

Intraday bias in GBP/USD is turned neutral with 4 hour MACD crossed above signal line. Some consolidations could be seen but further fall is expected with 1.3193 resistance intact. On the downside, below 1.2999 will target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658 next. However, firm break of 1.3193 will indicate short term bottoming, and 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) 1.2975; (P) 1.3027; (R1) 1.3053; More…

Intraday bias in GBP/US remains on the downside at this point. Current down trend from 1.4248 should target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658 next. 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.

Daily Pivots: (S1) 1.3004; (P) 1.3064; (R1) 1.3101; More…

GBP/USD’s decline is still in progress and intraday bias remains on the downside. Current down trend from 1.4248 should target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658 next. 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.

Daily Pivots: (S1) 1.3004; (P) 1.3064; (R1) 1.3101; More…

Intraday bias in GBP/USD remains on the downside at this point. Current down trend from 1.4248 should target 100% projection of 1.4248 to 1.3158 from 1.3748 at 1.2658 next. 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.

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) 1.3045; (P) 1.3119; (R1) 1.3157; More…

Intraday bias in GBP/USD stays on the downside at this point. Sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658. In any case, outlook will remain bearish as long as 1.3270 support turned resistance holds, in case of another 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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3045; (P) 1.3119; (R1) 1.3157; More…

Intraday bias in GBP/USD is back on the downside with break of 1.3080 temporary low. Sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658. In any case, outlook will remain bearish as long as 1.3270 support turned resistance holds, in case of another 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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3118; (P) 1.3154; (R1) 1.3219; More…

Intraday bias in GBP/USD remains neutral as consolidation form 1.3080 is still extending. Upside of recovery should be limited by 1.3270 support turned resistance. On the downside, sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658. However, strong break of 1.3270 should indicate short term bottoming and bring 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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3118; (P) 1.3154; (R1) 1.3219; More…

Intraday bias in GBP/USD stays neutral for consolidation above 1.3080 temporary low. Upside of recovery should be limited by 1.3270 support turned resistance. On the downside, sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658. However, strong break of 1.3270 should indicate short term bottoming and bring 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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3074; (P) 1.3109; (R1) 1.3137; More…

Intraday bias in GBP/USD remains neutral for some consolidations. But upside of recovery should be limited by 1.3270 support turned resistance. On the downside, sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658.

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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3074; (P) 1.3109; (R1) 1.3137; More…

With 4 hour MACD crossed above signal line, intraday bias in GBP/USD is turned neutral first. Some consolidations could be seen, but recovery should be limited by 1.3270 support turned resistance. On the downside, sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658.

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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3054; (P) 1.3152; (R1) 1.3201; More…

GBP/USD’s decline is still in progress and intraday bias stays on the downside. Current down trend from 1.4248 is still in progress. Firm break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will target 100% projection at 1.2658. On the upside, break of 1.3270 support turned resistance is needed to signal short term bottoming. Otherwise, outlook will remain 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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3054; (P) 1.3152; (R1) 1.3201; More…

Intraday bias in GBP/USD remains on the downside at this point. Current down trend from 1.4248 is still in progress. Firm break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will target 100% projection at 1.2658. On the upside, break of 1.3270 support turned resistance is needed to signal short term bottoming. Otherwise, outlook will remain 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 now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.