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

Intraday bias in GBP/USD remains neutral at this point. On the downside, firm break of 1.2434 will confirm short term topping at 1.2678, on bearish divergence condition in 4H MACD. Intraday bias will be back on the downside for 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789), as correction to whole up trend from 1.0351. On the upside, however, break of 1.2678 will resume larger up trend from 1.0351 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) 1.2693; (P) 1.2729; (R1) 1.2783; More….

GBP/USD’s break of 1.2615 minor support suggests that rebound from 1.2576 has completed at 1.2814 already, after rejection by 1.2811 resistance. Intraday bias is turned back to the downside for 1.2476 first. Break there will resume larger decline from 1.4376. However, considering bullish convergence condition in daily MACD, firm break of 1.2811/4 will be an early signal of trend reversal and bring further rally 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 target a test on 1.1946 first. Decisive break there will confirm our bearish view.

Daily Pivots: (S1) 1.3315; (P) 1.3356; (R1) 1.3410; More….

Intraday bias in GBP/USD remains on the upside for 161.8% projection of 1.2065 to 1.2813 from 1.2251 at 1.3461. Break there will target 1.3514 key resistance next. On the downside, below 1.3301 minor support will turn intraday bias neutral first. But break of 1.3053 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, immediate focus is now on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.

Daily Pivots: (S1) 1.2604; (P) 1.2630; (R1) 1.2653; More…

Intraday bias in GBP/USD remains neutral at this point. On the upside, firm break of 1.2653 resistance will affirm the case that correction from 1.2826 has completed at 1.2517, after drawing support from 1.2499. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed 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, would could be still in progress. But 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) 1.1162; (P) 1.1249; (R1) 1.1327; More…

Intraday bias in GBP/USD remains neutral for the moment. On the upside, break of 1.1494 will resume the rise from 1.0351 to 61.8% projection of 1.0351 to 1.1494 from 1.0922 at 1.1628. On the downside, below 1.0922 will turn bias back to the downside for 1.0351 low instead.

In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.

Daily Pivots: (S1) 1.2777; (P) 1.2812; (R1) 1.2857; More…

Intraday bias in GBP/USD stays on the upside for the moment. Sustained trading above 61.8% projection of 1.1801 to 1.2678 from 1.2306 at 1.2848 will pave the way to 100% projection at 1.3183 next. On the downside, below 1.2697 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, the strong support from 55 W EMA (now at 1.2345) is a medium term bullish sign. Outlook will stay bullish as long as 1.2305 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).

Daily Pivots: (S1) 1.4205; (P) 1.4250; (R1) 1.4281; More….

With 1.4220 minor support intact, intraday bias in GBP/USD remains mildly on the upside for 1.4345 high. Firm break there will resume medium term rally and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, below 1.4220 minor support will turn intraday bias neutral again. But retreat should be contained well above 1.3964 support to bring another rally.

In the bigger picture, as long as 1.3651 resistance turned support holds, medium term outlook in GBP/USD will remain bullish. Rise from 1.1946 is at least correcting the long term down trend 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 1.4267) so far. Break of 1.3651 will be the first sign of medium term reversal and turn focus to 1.3038 support for confirmation.

Daily Pivots: (S1) 1.2843; (P) 1.2886; (R1) 1.2923; More…

Intraday bias in GBP/USD remains on the downside with 1.2929 minor resistance intact. Corrective fall form 1.3514 is in progress and should target 50% retracement of 1.1958 to 1.3514 at 1.2736 next. On the downside, above 1.2929 minor resistance will turn intraday bias neutral first. But further fall is expected as long as 1.3069 resistance holds, in case of recovery.

In the bigger picture, rise from 1.1958 medium term bottom is not completed yet despite current pull back form 1.3514. Such rally is expected to resume later 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. In any case, for now, outlook will stay bullish as long as 1.2582 resistance turned support holds.

Daily Pivots: (S1) 1.3091; (P) 1.3128; (R1) 1.3197; More…

100% projection of 1.2661 to 1.3042 from 1.2784 at 1.3165 is finally met and there is no sign of topping yet. Intraday bias stays on the upside for further rally. But as rise from 1.2661 is seen as a corrective move, upside should be limited by 1.3316 key fibonacci level to bring near term reversal. On the downside, break of 1.3042 resistance turn support will argue that rebound from 1.2661 might be completed. In such case, intraday bias will be turned back to the downside for 1.2784 support to confirm.

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 (now at 1.4062). The structure and momentum of the fall from 1.4376 argues that it’s resuming long term down trend. And this will be the preferred case as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. However, firm break of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. And, the eventual depth of the fall from 1.4376, and the chance of hitting 1.1946 low, will depend on the strength of the interim corrective rebound from 1.2661.

Daily Pivots: (S1) 1.2187; (P) 1.2248; (R1) 1.2283; More

Intraday bias in GBP/USD remains on the downside at this point. Corrective rebound from 1.2036 could have completed at 1.2426 already, just ahead of 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Deeper fall would be seen back to retest 1.2036/68 support zone first. However, on the upside, break of 1.2307 minor resistance will dampen this bearish case, and turn intraday bias neutral first.

In the bigger picture, price actions from 1.3141 medium term top are seen as a correction to up trend from 1.3051 (2022 low). Strong rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will argue that it’s a sideway pattern only. However, sustained break of 1.2036 will indicate that it’s a deeper correction that would target 61.8% at 1.1417 before completion.

Daily Pivots: (S1) 1.3018; (P) 1.3057; (R1) 1.3101; More….

GBP/USD’s rally continues today and reaches as high as 1.3139 so far. Intraday bias stays on the upside for 1.3149/74 resistance zone (38.2% retracement of 1.4376 to 1.2391 at 1.3149). At this point, we’d still expect strong resistance from there to limit upside, at least on first attempt. On the downside, below 1.3012 minor support will turn intraday bias back to the downside for 1.2814 resistance turned support first. However, firm break of 1.3149/74 will pave the way to 61.8% retracement at 1.3618.

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 remain the preferred case as long as 1.3174 structural resistance holds. GBP/USD should target a test on 1.1946 first. Decisive break there will confirm our bearish view. However, sustained break of 1.3174 will invalidate this case and turn outlook bullish.

Daily Pivots: (S1) 1.2914; (P) 1.2949; (R1) 1.2988; More….

GBP/USD’s rally attempt lost momentum as seen in 4 hour MACD. Intraday bias remains neutral with focus on 1.3012 resistance. Firm break there will resume the whole rise from 1.1958. Further rally should be seen to 61.8% projection of 1.2195 to 1.3012 from 1.2768 at 1.3273 next. For now, outlook will remain bullish as long as 1.2768 support in case of retreat. However, break of 1.2768 will bring deeper fall back to 1.2582 resistance turned support.

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

Daily Pivots: (S1) 1.2693; (P) 1.2749; (R1) 1.2787; More…

GBP/USD drops to as low as 1.2611 so far today. Break of 1.2661 support indicates resumption of down trend from 1.4376. Intraday bias is now on the downside for deeper decline. Next target is 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. On the upside, break of 1.2811 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish even in case of recovery.

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.

GBP/USD dived to as low as 1.3570 last week but rebounded from there. Initial bias remains neutral this week for some consolidations first. Deeper fall is expected as long as 1.3908 resistance holds. 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.

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) 1.2500; (P) 1.2551; (R1) 1.2600; More…

Intraday bias in GBP/USD remains mildly on the downside at this point. Fall from 1.2731 short term top is in progress for 55 D EMA (now at 1.2445). Sustained break there will bring retest of 1.2036 low. On the upside, above 1.2611 minor resistance will turn intraday bias neutral first.

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) 1.2463; (P) 1.2526; (R1) 1.2569; More…

Intraday bias in GBP/USD stays on the downside at this point. Firm break of 61.8% projection of 1.3141 to 1.2618 from 1.2799 at 1.2476 could prompt downside acceleration to 100% projection at 1.2276. On the upside, above 1.2586 minor resistance will turn intraday bias neutral first.

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) 1.2701; (P) 1.2750; (R1) 1.2782; More…

Immediate focus is now on 1.2615 support in GBP/USD with today’s steep fall. Decisive break there, 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) 1.2177; (P) 1.2246; (R1) 1.2331; More…

Range trading continues in GBP/USD and intraday bias remains neutral. Outlook stays bearish as long as 1.2666 resistance holds. On the downside, break of 1.1932 will resume larger down trend from 1.4248. However, firm break of 1.2666 will suggest medium term bottoming and bring stronger rebound back towards 1.3158 support turned resistance.

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 1.3175).

Daily Pivots: (S1) 1.2310; (P) 1.2366; (R1) 1.2399; More…

GBP/USD falls to as low as 1.2232 so far today and intraday bias stays on the downside. 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276 is already met but there is no sign of bottoming. next target would be 1.2075 fibonacci level. On the upside, above 1.2423 minor resistance will turn intraday bias neutral again. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

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. However, sustained break of 1.2075 will raise the chance of bearish trend reversal.

Daily Pivots: (S1) 1.2720; (P) 1.2858; (R1) 1.2934; More…

GBP/USD’s fall from 1.3141 resumed by breaking 1.2796 support. Intraday bias is back on the downside for 55 D EMA (now at 1.2718) and possibly below. On the upside, break of 1.2994 resistance will argue that the pull back has completed, and bring retest of 1.3141 high.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal.