Daily Pivots: (S1) 1.2466; (P) 1.2533; (R1) 1.2578; More…

Intraday bias in GBP/USD is back on the upside as rebound from 1.2306 resumed after brief retreat. Further rally should be seen to retest 1.2678 high. Based on current momentum, upside could be limited there, to bring another fall to extend the corrective pattern from 1.2678. On the downside, break of 1.2485 support will turn bias back to the downside for 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) 1.2582; (P) 1.2646; (R1) 1.2689; More…

GBP/USD is staying in consolidation from 1.2731 and intraday bias remains neutral at this point. For now, further rally is in favor as long as 1.2426 resistance turned support holds. On the upside, sustained trading above 61.8% retracement of 1.3141 to 1.2036 at 1.2716 will pave the way to retest 1.3141 high.

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) 1.2319; (P) 1.2384; (R1) 1.2443; More…

GBP/USD is staying in consolidation in tight range and intraday bias remains neutral. On the upside, decisive break of 1.2445 will confirm resumption of whole rise from 1.0351. Next target will be 1.2759 fibonacci level. On the downside, break of 1.2252 minor support will turn bias to the downside, and extend the corrective pattern from 1.2445 with another falling leg.

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.

Daily Pivots: (S1) 1.2436; (P) 1.2473; (R1) 1.2524; More…

GBP/USD’s break of 1.2434 support confirms short term topping at 1.2678. Considering bearish divergence condition in D MACD, it’s probably corrective whole up trend from 1.0351. Intraday bias is now on the downside. Sustained trading below 55 D EMA (now at 1.2392) will affirm this case, and pave the way to 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789). On the upside, above 1.2545 minor resistance will turn intraday bias neutral first.

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) 1.2948; (P) 1.3040; (R1) 1.3091; More….

With 1.3133 minor resistance intact, intraday bias in GBP/USD stays on the downside. Fall from 1.3514 is correcting whole rise from 1.1958. Deeper decline would be seen to 38.2% retracement of 1.1958 to 1.3514 at 1.2920. On the upside, above 1.3173 minor resistance will turn bias back to the upside for retesting 1.3514.

In the bigger picture, rise from 1.1958 medium term bottom is on track 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 1.2827 support holds.

Daily Pivots: (S1) 1.2424; (P) 1.2459; (R1) 1.2520; More…

Immediate focus is now back on 1.2524 resistance as GBP/USD’s rebound extends today. Decisive break there will resume larger up trend to 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. Rejection by 1.2524 will bring more corrective trading first. But outlook will remain bullish as long as 1.2343 support holds.

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) 1.2529; (P) 1.2560; (R1) 1.2587; More…

Intraday bias in GBP/USD is turned neutral with a temporary low formed at 1.2501. But further decline remains mildly in favor with 1.2611 minor resistance intact. Below 1.2501 will resume the fall from 1.2731 short term top to to 55 D EMA (now at 1.2450). Sustained break there will bring retest of 1.2036 low. However, firm break of 1.2611 will turn bias back to the upside for retesting 1.2731 resistance.

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 could still extend through 1.2731. But upside should be limited by 1.3141 o bring the third leg of the pattern. Meanwhile, sustained trading below 55 EMA 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, and possibly below.

Daily Pivots: (S1) 1.2501; (P) 1.2533; (R1) 1.2585; More….

Despite dipping to 1.2480, GBP/USD quickly and intraday bias is turned neutral again. On the upside, break of 1.2669 will resume the rebound from 1.2251 to 1.2813 high next. On the downside, though, break of 1.2480 minor support will turn bias to the downside for retesting 1.2251 support.

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) 1.1328; (P) 1.1413; (R1) 1.1558; More…

Immediate focus in on 1.1494 in GBP/USD. Break there will resume the rise from 1.0351 to 61.8% projection of 1.0351 to 1.1494 from 1.0922 at 1.1628. Further break there will pave the way to 100% projection at 1.2065. In any case, further rally will remain in favor as long as 1.022 support holds.

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 1.2389).

Daily Pivots: (S1) 1.2133; (P) 1.2184; (R1) 1.2261; More…

No change in GBP/USD’s outlook as range trading continues. Intraday bias stays neutral. Further rise remains mildly in favor as long as 1.1898 support holds. On the upside, break of 1.2343 will resume the rally from 1.0351 and target 1.2759 medium term fibonacci level next. However, firm break of 1.1898 support will confirm short term topping and turn bias back to the downside.

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.

Daily Pivots: (S1) 1.2866; (P) 1.2910; (R1) 1.2982; More…..

Intraday bias in GBP/USD remains neutral for the moment. Further decline is expected with 1.3007 resistance intact. 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) 1.3865; (P) 1.3908; (R1) 1.3948; More….

GBP/USD’s correction from 1.3951 is extending and deeper fall could be seen. Strong support should be seen in 1.3564/3758 zone to contain downside. On the upside, sustained break of 1.3951 will extend the up trend from 1.1409 to 1.4376 long term resistance 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 implication. 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) 1.2131; (P) 1.2163; (R1) 1.2193; More…

With 1.2213 minor resistance intact, intraday bias in GBP/USD stays mildly on the downside for 1.1946/86 key support zone. As noted before, consolidation pattern from 1.1946 should have completed with three waves to 1.2705 already. Break of 1.1946 will confirm our bearish view and resume the larger down trend. On the upside, above 1.2213 minor resistance will turn bias neutral and bring recovery. But outlook will remain cautiously bearish as long as 1.2346 support turned resistance holds.

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) 1.2596; (P) 1.2620; (R1) 1.2652; More…

GBP/USD is staying in consolidation above 1.2546 and intraday bias stays neutral. Further decline is in favor with 1.2799 resistance intact. Break of 1.2546 will resume the fall from 1.3141. However, on the upside, firm break of 1.2799 will indicate that the correction from 1.3141 has completed. Intraday bias will be turned back to the upside for retesting 1.3141.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.

Daily Pivots: (S1) 1.3729; (P) 1.3788; (R1) 1.3821; More….

Intraday bias in GBP/USD remains neutral at this point. We’re still slightly favoring the case that corrective pull back from 1.4240 has completed with three waves down to 1.3669, ahead of 38.2% retracement of 1.2675 to 1.4240 at 1.3642. On the upside, break of 1.3846 will extend the rebound to 1.4000 resistance and then 1.4240 high.

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) 1.1944; (P) 1.2010; (R1) 1.2053; More…

GBP/USD’s decline from 1.2446 resumed by breaking through 1.1960 support and intraday bias remains on the downside. Such decline is seen as the third leg of the corrective pattern from 1.2445. Deeper fall would be seen to 1.1840 support and possibly below. For now, risk will now stay mildly on the downside as long as 1.2269 resistance 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.

Daily Pivots: (S1) 1.2170; (P) 1.2226; (R1) 1.2274; More…

Intraday bias in GBP/USD is turned neutral first with current retreat. Some consolidations could be seen below 1.2283 temporary low. But outlook will stay cautiously bullish as long as 1.2009 support hold. As noted before, corrective pattern from 1.2445 could have completed with three waves to 1.1801 already. Above 1.2283 will extend the rise from 1.1801 to retest 1.2445/6 resistance. Firm break of 1.2445/6 will resume larger rise from 1.0351, and target 1.2759 fibonacci level.

In the bigger picture, price action from 1.2445 are seen as a corrective pattern to rise from 1.0351 medium term bottom (2022 low). Resumption is expected as a later stage and firm break of 1.2446 will target 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. This will remain the favored case as long as 38.2% retracement of 1.0351 to 1.2445 at 1.1645 holds.

Daily Pivots: (S1) 1.3520; (P) 1.3559; (R1) 1.3596; More…

GBP/USD lost some upside momentum after breaching 1.3570 support turned resistance and intraday bias is turned neutral first. Further rally is still expected as long as 1.3430 support holds. We’re seeing corrective fall from 1.4248 as complete with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. . Sustained break of 1.3570 resistance will further affirm this bullish case and target 1.3833 resistance next. However, break of 1.3375 will turn bias back to the downside for 1.3158 low again.

In the bigger picture, focus remains 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 argue that up trend from 1.1409 is still in progress, and probably ready to resume.

GBP/USD edged lower to 1.2439 last week but recovered since then. Initial bias remains neutral this week for some more consolidations. Upside should be limited below 1.2783 resistance to bring fall resumption. On the downside, break of 1.2439 would resume the decline from 1.3381 to retest 1.2391 low. Firm break there will resume larger down trend.

In the bigger picture, down trend from 1.4376 (2018 high) is still in progress. Break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence, focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

In the longer term picture, consolidative pattern from 1.1946 (2016 low) could still extend with another rising leg. But after all, decisive break of 38.2% retracement of 2.1161 (2007 high) to 1.1946 at 1.5466 is needed to indicate long term reversal. Otherwise, an eventual downside breakout will remain in favor.

Daily Pivots: (S1) 1.2988; (P) 1.3056; (R1) 1.3109; More…

Intraday bias in GBP/USD remains neutral for consolidation below 1.3125 temporary top. Another rise would be seen as long as 1.2811 support holds. 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.