Daily Pivots: (S1) 1.2391; (P) 1.2424; (R1) 1.2466; More….

Intraday bias in GBP/USD remains neutral as consolidation from 1.2382 is extending. Upside of recovery should be limited by 1.2579 resistance to bring fall resumption. Sustained break of 1.2391 will resume larger down trend for 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next. Though, break of 1.2579 will indicate short term bottoming and bring stronger rebound back to 1.2783 resistance.

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.

Daily Pivots: (S1) 1.3791; (P) 1.3828; (R1) 1.3857 More….

Intraday bias in GBP/USD is turned neutral with today’s recovery. Correction from 1.4240 could still extend lower to 38.2% retracement of 1.2675 to 1.4240 at 1.3642. We’d look for some support from there to bring rebound. On the upside, break of 1.4016 minor resistance will argue that the correction has completed, and bring retest of 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) 1.3718; (P) 1.3749; (R1) 1.3778; More….

GBP/USD’s rebound from 1.3570 resumes today but stays below 1.3908 resistance. Intraday bias remains neutral first. As long as 1.3908 holds, another decline is still in favor. On the downside, break of 1.3570 will resume the fall from 1.4248 to 1.3482 resistance turned support first. Decisive break there will target 38.2% retracement of 1.1409 to 1.4248 at 1.3164. On the upside, break of 1.3908 resistance will turn bias back to the upside for retesting 1.4248 high instead.

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. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed. GBP/USD would then be seen in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.

Daily Pivots: (S1) 1.2401; (P) 1.2447; (R1) 1.2487; More…

Range trading continues in GBP/USD and 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 from 1.1409 to 1.3200 resistance. 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) 1.2378; (P) 1.2411; (R1) 1.2474; More…

GBP/USD’s break of 1.2468 minor resistance today argues that corrective pull back from 1.2678 has completed at 1.2306. Intraday bias is back on the upside for retesting 1.2678 high next. But strong resistance could be seen there to limit upside on the first attempt. Meanwhile, break of 1.2306 will resume the correction towards 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789)

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) 1.2704; (P) 1.2746; (R1) 1.2789; More…

Range trading continues in GBP/USD and intraday bias remains neutral. 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) 1.2755; (P) 1.2800; (R1) 1.2858; More…

GBP/USD is staying in consolidation form 1.2725 temporary low and intraday bias remains neutral. Further decline is expected with 1.3108 resistance intact. Sustained break of 1.2736 will extend the corrective fall from 1.3514 to 61.8% retracement at 1.2552. We’d look for strong support from there to bring rebound. Break of 1.3018 will indicate short term bottoming and turn bias back to the upside instead.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally form 1.1958. Such rally is expected to resume latter to 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) 1.2509; (P) 1.2555; (R1) 1.2633; More..

GBP/USD is staying in range of 1.2329/2637 and intraday bias remains neutral at this point. Considering bullish convergence condition in 4 hour MACD, break of 1.2637 will confirm short term bottoming at 1.2154. Intraday bias will be turned back to the upside for 55 day EMA (now at 1.2775). On the downside, below 1.2329 minor support will retain near term bearishness and bring retest of 1.2154 first. Break there will resume larger down trend from 1.4248.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) at least at the same degree as the rise from 1.1409 (2020 low). That is, fall from 1.4248 could be a leg inside the pattern from 1.1409, or resuming the longer term down trend. In either case, deeper decline is expected as long as 1.2999 support turned resistance holds. Next target is 1.1409 low.

Daily Pivots: (S1) 1.2189; (P) 1.2237; (R1) 1.2267; More….

GBP/USD’s corrective recovery from 1.2014 extends to as high as 1.2309 so far. Further rise is expected as long as 1.2208 minor support holds, to 55 day EMA (now at 1.2370) and above. But upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536. On the downside, break of 1.2208 minor support will turn bias back to the downside for 1.2014 and then 1.1946 low.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break 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 any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.3282; (P) 1.3323; (R1) 1.3357; More…

GBP/USD is still bounded in consolidation from 1.3277 and intraday bias remains neutral first. Upside of recovery should be limited below 1.3512 resistance to bring another fall. On the downside, break of 1.3277 will resume the decline from 1.4248 to 1.3164 fibonacci level next. Nevertheless, break of 1.3512 will indicate short term bottoming and bring stronger rebound.

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.

Daily Pivots: (S1) 1.2454; (P) 1.2511; (R1) 1.2550; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.2410 is extending. In case of stronger recovery, upside should be limited below 1.2999 support turned resistance. On the downside, break of 1.2410 will target 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258.

In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248, ahead of 1.4376 long term resistance (2018 high). Based on current momentum, fall from 1.4248 is probably the start of a long term down trend. The break of 61.8% retracement of 2.1161 to 1.1409 at 1.2493 is affirming this bearish case too. For now, deeper decline would be seen as long as 1.3158 support turned resistance holds. Next target is 1.1409 low.

Daily Pivots: (S1) 1.2085; (P) 1.2150; (R1) 1.2201; More…

Intraday bias in GBP/USD stays neutral as range trading continues. On the upside, decisive break of 1.2292 resistance will complete a head and shoulder bottom pattern (ls: 1.1932; h: 1.1769; rs: 1.2002). Further rally should then be seen to 1.2666 key resistance next. On the downside, however, break of 1.2002 will bring deeper fall back to retest 1.1759 low.

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).

Daily Pivots: (S1) 1.3139; (P) 1.3169; (R1) 1.3230; More…

GBP/USD is staying in consolidation from 1.3313. Intraday bias remains neutral and further rise is mildly in favor. On the upside, break of 1.3313 will target a test on 1.3482 high. However, sustained break of 1.3106 will argue that the rebound from 1.2675 has completed. Intraday bias will be turned back to the downside for 1.2853 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 1.3304). 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 dipped to 1.4082 last week but drew support from 1.4090 and recovered. Initial bias remains neutral this week first. Further rise is still expected as long as 1.4090 holds. On the upside, sustained break of 1.4240 will resume larger up trend from 1.1409, for 1.4376 key resistance next. On the downside, however, firm break of 1.4082 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) 1.2436; (P) 1.2479; (R1) 1.2552; More…

GBP/USD is staying in range below 1.2647 temporary top and intraday bias remains neutral. Further rise is mildly in favor with 1.2164 support intact. Break of 1.2647 will target 61.8% projection of 1.1409 to 1.2485 from 1.2164 at 1.2829. However, break of 1.2164 support will indicate completion of the rebound and turn bias 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) 1.2527; (P) 1.2589; (R1) 1.2661; More….

The strong break of 1.2707 temporary top suggests resumption of recent rise from 1.1958. Intraday bias in GBP/USD is back on the upside for 100% projection of 1.1958 to 1.2582 from 1.2195 at 1.2819. Break will target 161.8% projection at 1.3205. On the downside, below 1.2516 minor support will turn intraday bias neutral again. But retreat should be contained well above 1.2195 support for another rally.

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) 1.2986; (P) 1.3030; (R1) 1.3067; More…

GBP/USD is staying in consolidation from 1.3175 temporary top. Intraday bias remains neutral first. With 1.2910 support intact, further rise is still expected. On the upside, break of 1.3175 will target a test on 1.3482 high. On the downside, however, break of 1.2910 will suggest completion of the rebound. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690.

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) 1.3548; (P) 1.3577; (R1) 1.3614; More…

Intraday bias in GBP/USD remains neutral as range trading continues. On the upside, break of 1.3642 will resume the rebound from 1.3356 to 1.3748 resistance. Firm break there will revive the bullish case that correction from 1.4248 has completed with three waves down to 1.3158. Further rally should then be seen to retest 1.4248 high. On the downside, though, break of 1.3485 will turn bias to the downside for 1.3356 support instead.

In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, 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) 1.3164; (P) 1.3219; (R1) 1.3318; More…

Intraday bias in GBP/USD is turned neutral as it retreated sharply after hitting 1.3297. On the downside, break of 1.3119 minor support will turn bias back to the downside for retesting 1.2999. Firm break there will resume larger down trend from 1.4248. On the upside, above 1.3297 will resume the rebound to 55 day EMA (now at 1.3355). Sustained break there will target medium term channel resistance (now at 1.3590).

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) 1.3043; (P) 1.3083; (R1) 1.3129; More….

GBP/USD recovers mildly ahead of 1.2960 support again. But after all, it’s staying in established range of 1.2960/3381. Intraday bias remains neutral first and more consolidative trading could be seen. Further rally remains mildly in favor with 1.2960 support intact. On the upside, decisive break of 1.3381 will extend the rise from 1.2391 and target 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. However, on the downside, sustained break of 1.2960 will indicate that rebound from 1.2391 has completed earlier than expected. Deeper fall would then be seen to 1.2773 support for confirmation.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.