Daily Pivots: (S1) 1.2948; (P) 1.2980; (R1) 1.3028; More….

GBP/USD surges to as high as 1.3044 so far and break of 1.3012 resistance indicates resumption of whole rise from 1.1958. Intraday bias is back on the upside. Current rise should target 1.3381 resistance next. For now, near term outlook will remain bullish as long as 1.2827 support holds, in case of retreat.

In the bigger picture, rise from 1.1958 medium term bottom 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 1.2582 resistance turned support holds. However, firm break of 1.2582 will turn focus back to 1.1946 low.

Daily Pivots: (S1) 1.2994; (P) 1.3038; (R1) 1.3070; More…

No change in GBP/USD’s outlook as it’s staying in range of 1.2811/3125. Intraday bias remains neutral and another rise is mildly in favor. Break of 1.3125 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we’d be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. Meanwhile, break of 1.2811 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 1.3403; (P) 1.3430; (R1) 1.3468; More…..

GBP/USD rises strongly today and the near term falling channel from 1.3549 is firmly taken out. Correction from 1.3549 should have completed at 1.3300 already. Intraday bias is now on the upside for 1.3549 first. Break will resume whole rally from 1.3038 for 1.3651 high next. on the downside, below 1.3424 minor support will delay the bullish case and bring more consolidation first.

In the bigger picture, while the medium term rebound from 1.1946 low was strong, it’s limited below 1.3835 key support turned resistance. As long as 1.3835 holds, we’d view such rebound as a correction. That is, we’d expect another leg in the long term down trend through 1.1946 low. However, sustained break of 1.3835 should at least send GBP/USD to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

Daily Pivots: (S1) 1.1980; (P) 1.2061; (R1) 1.2106; More…

Range trading continues in GBP/USD and intraday bias remains neutral. On the downside, break of 1.1914 will resume the decline from 1.2446 for 1.1840 support and possibly below. On the upside, break of 1.2146 resistance will turn bias back to the upside for further rebound to 1.2269 and above.

In the bigger picture,as long as 1.1840 support holds, rise from 1.0351 medium term bottom (2022 low) should still continue to 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. However, decisive break of 1.1840 will complete a double top pattern (1.2445, 1.2446) after rejection by 55 week EMA (now at 1.2251). Deeper decline should be seen back to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

Daily Pivots: (S1) 1.3192; (P) 1.3230; (R1) 1.3253; More…

Outlook in GBP/USD remains unchanged and intraday bias stays neutral. Focus stays 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. On the upside, though, break of 1.3351 support turned resistance will indicate short term bottoming, and turn bias back to the upside for 1.3512 resistance next.

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, after rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 61.8% retracement at 1.2493. However, strong rebound from current level will revive that case and up trend from 1.1409 is still in progress, and probably ready to resume.

Daily Pivots: (S1) 1.3266; (P) 1.3429; (R1) 1.3513; More…

GBP/USD is still staying below 1.3624 resistance and intraday bias remains neutral first. 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.

Daily Pivots: (S1) 1.2674; (P) 1.2710; (R1) 1.2736; More…

Intraday bias in GBP/USD is turned neutral as it recovered ahead of 55 4H EMA (now at 1.2671). On the upside, break of 1.2760 will resume the rally fro 1.2290 towards 1.2892 resistance. On the downside, break of 1.2670 will resume the pull back from 1.2760 to near term channel support (now at 1.2573).

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.

Daily Pivots: (S1) 1.3641; (P) 1.3689; (R1) 1.3719; More…

Intraday bias in GBP/USD remains neutral for the moment. On the upside, above 1.3749 will target a test on 1.3912 resistance. Firm break there will argue that consolidation pattern from 1.4248 has completed and stronger rally to retest this high. On the downside, however, break of 1.3570 support will target 1.3482 key support level. Sustained break there will carry larger bearish implication and target 1.3163 fibonacci level.

In the bigger picture, as long as 1.3482 resistance turned support holds, we’d still treat price actions from 1.4248 as a corrective move. That is, up trend from 1.1409 (2020 low) is in favor to resume. Decisive break of 1.4376 key resistance (2018 high) would indeed carry long term bullish implications. However, sustained break of 1.3482 will at least bring deeper fall to 38.2% retracement of 1.1409 to 1.4248 at 1.3164, or even further to 61.8% retracement at 1.2493.

Daily Pivots: (S1) 1.2381; (P) 1.2437; (R1) 1.2535; More…

Intraday bias in GBP/USD remains on the upside as rise from 1.2108 continues. Their pair would target 1.2569 resistance first and break will target 1.2705/74 resistance zone. But still, price actions from 1.1946 are seen as a consolidation pattern. Hence, we’d expect strong resistance from 1.2705/2774 to limit upside and bring down trend resumption. On the downside, break of 1.2340 support will turn bias back to the downside for 1.2108 support. Though, sustained break of 1.2774 will extend the rise towards 1.3444 key resistance level.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 1.2868; (P) 1.2893; (R1) 1.2920; More….

With 4 hour MACD crossed above signal line, a temporary low is in place at 1.2865. Intraday bias is turned neutral first. Further decline is expected as long as 1.3019 minor resistance holds. On the downside, break of 1.2865 will target 1.2773 support first. Decisive break there will confirm that corrective rebound from 1.2391 has completed earlier than expected at 1.3381. Further decline should then be seen to 1.2391 low again. On the upside, however, break of 1.3019 resistance will dampen this bearish case and turn bias back to the upside for recovery first.

In the bigger picture, medium term decline from 1.4376 (2018 high) halted after hitting 1.2391. Rise from 1.2391 could have completed after just missing 50% retracement of 1.4376 to 1.2391 at 1.338. Such rebound could be a correction to fall from 1.4376 only. Break of 1.2773 support will affirm this bearish case and target 1.2391. Break of 1.2391 will resume the fall from 1.4376 to 1.1946 (2016 low).

Daily Pivots: (S1) 1.3193; (P) 1.3225; (R1) 1.3259; More…

Range trading continues in GBP/USD and intraday bias remains neutral. Focus stays 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. On the upside, though, break of 1.3351 support turned resistance will indicate short term bottoming, and turn bias back to the upside for 1.3512 resistance next.

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, after rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 61.8% retracement at 1.2493. However, strong rebound from current level will revive that case and up trend from 1.1409 is still in progress, and probably ready to resume.

Daily Pivots: (S1) 1.3076; (P) 1.3172; (R1) 1.3231; More…

Despite the sharp fall from 1.3267, GBP/USD is still holding above 1.3096 minor support. Intraday bias remains neutral at this point. Overall, price actions from 1.1946 are viewed as a corrective pattern. Considering bearish divergence condition in 4 hour MACD, break of .3096 will be the first sign of reversal. Intraday bias will be turned back to 1.2932 support first in that case. Break of 1.3267 will extend the rise. But, we’ll look for topping signal again around 1.3444 key resistance.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 1.2535; (P) 1.2586; (R1) 1.2683; More…

GBP/USD reaches as high as 1.2662 so far as rebound from 1.1986 extends. Intraday bias stays on the upside for 1.2774 resistance. Again, rise from 1.1986 is seen as the third leg of the consolidation pattern from 1.1946. We’d expect strong resistance at 1.2774 to limit upside and bring down trend resumption eventually. On the downside, below 1.2414 minor support will turn bias to the downside for retesting 1.1946 low.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

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Daily Pivots: (S1) 1.4029; (P) 1.4062; (R1) 1.4112; More….

Intraday bias in GBP./USD is staying neutral as it’s bounded in sideway trading above 1.4008 temporary low. On the downside, firm break of 1.3982 support will indicate completion of the rise from 1.3711. In that case, intraday bias will be turned back to the downside for retesting 1.3711. Nonetheless, strong rebound from 1.3982, followed by break of 1.4095 minor resistance will turn bias to the upside for 1.4243. Break will resume the rally from 1.3711 for 1.4345 high first.

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.

Daily Pivots: (S1) 1.2375; (P) 1.2459; (R1) 1.2504; More….

Intraday bias in GBP/USD remains neutral and outlook is unchanged. As long as 1.2587 resistance holds, further decline remains mildly in favor. Below 1.2334 temporary will target 1.2065 support first. Firm break there will confirm completion of rebound from 1.1409 at 1.2813. However, break of 1.2587 will dampen this bearish view and bring retest of 1.2813 high instead.

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) 1.2611; (P) 1.2639; (R1) 1.2657; More…

No change in GBP/USD’s outlook as consolidation continues above 1.2574. Intraday bias stays neutral and risk remains on the downside as long as 55 4H EMA (now at 1.2675) holds. Below 1.2574 will resume the fall from 1.2892 to 1.2517 structural support first. Decisive break there will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish.

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, which might still be in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2517 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) 1.2785; (P) 1.2847; (R1) 1.2883; More…

Intraday bias in GBP/USD remains on the downside as fall from 1.3267 is in progress for 1.2588 key near term support. As noted before, we’re favoring the case that correction from 1.1946 is completed at 1.3267. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. On the upside, break of 1.2952 resistance is needed to indicate completion of the fall from 1.3267. Otherwise, outlook will stay cautiously bearish in case of recovery.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 1.2244; (P) 1.2364; (R1) 1.2597; More…

Intraday bias in GBP/USD stays on the upside at this point. 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. On the downside, though, break of 1.2144 minor support will suggest completion of the rebound and turn bias to the downside for retesting 1.1409 low.

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.

GBP/USD’s recovery last week was slightly stronger than expected, but it eventually settled back in established range. Initial bias stays neutral this week. On the downside, below 1.2618, 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, firm break of 1.2817 minor resistance will indicate that the pull back 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 1.2725) 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.

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.

Daily Pivots: (S1) 1.2164; (P) 1.2282; (R1) 1.2342; More…

Intraday bias in GBP/USD stays on the downside at this point. Fall from 1.2446 is the third leg of the corrective pattern from 1.2445. Deeper decline could be seen to 1.1840 support. But downside should be contained by 38.2% retracement of 1.0351 to 1.2445 at 1.1645 to bring rebound. For now, risk will stay mildly on the downside as long as 1.2445/6 holds, in case of recovery.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.