GBP/USD’s sideway consolidation continued last week and outlook is unchanged. Initial bias remains neutral this week first. In case of another fall, downside should be contained above 1.2499 support to bring rebound. On the upside, firm break of 1.2774 resistance will suggest that consolidation pattern has completed. Further rise should be seen through 1.2826 to resume the rally from 1.2036. Next target will be 1.3141 high.

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 that’s still in progress. 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.

In the long term picture, a long term bottom should be in place at 1.0351 on bullish convergence condition in M MACD. But momentum of the rebound from 1.3051 argues GBP/USD is merely in consolidation, rather than trend reversal. Range trading is likely between 1.0351/4248 for some more time.

Daily Pivots: (S1) 1.2853; (P) 1.2881; (R1) 1.2907; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.3029 continues. Downside is expected to be contained by 1.2849 support to bring rise resumption. Above 1.2982 minor resistance should turn bias back to the upside for 1.3047 resistance. Break will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next. However, sustained break of 1.2849 will dampen our near term bullish view and turn focus back to 1.2588 support.

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 now in favor, 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) 1.2057; (P) 1.2121; (R1) 1.2222; More…

GBP/USD’s rise resumed 1.1759 short term bottom resumed after brief retreat. Intraday bias is back on the upside for 1.2405 resistance. Firm break there will target 1.2666 key resistance next. On the downside, break of 1.1962 minor support will turn bias back to the downside for retesting 1.1759 low instead.

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 1.2986).

Daily Pivots: (S1) 1.2634; (P) 1.2668; (R1) 1.2687; More….

Intraday bias in GBP/USD remains neutral and consolidation from 1.2605 might extend. In case of another recovery, upside should be limited by 1.2865 support turned resistance to bring fall resumption. On the downside, break of 1.2605 will target a test on 1.2391 low first. Firm break there will resume larger down trend to 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next.

In the bigger picture, current development suggests that medium term decline from 1.4376 (2018 high) is not completed, and is possibly ready to resume. Decisive 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) 1.2927; (P) 1.2991; (R1) 1.3042; More…

Intraday bias in GBP/USD remains on the downside for 1.2784 support. Firm break there will likely resume larger down trend from 1.4376 through 1.2661. On the upside, break of 1.3115 minor resistance is needed to indicate completion of the decline. Otherwise, outlook will stay cautiously bearish 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 (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) 1.2753; (P) 1.2809; (R1) 1.2853; More….

Further decline is expected in GBP/USD and focus is now on 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Strong rebound from there will suggest that decline from 1.3482 is merely a corrective move. Break of 1.3035 minor resistance will turn bias back to the upside for rebound. However, sustained break of 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201.

In the bigger picture, while the rebound from 1.1409 was strong, it’s limited by both 1.3514 resistance, as well as 55 week EMA (now at 1.3317). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2743) 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) 1.3684; (P) 1.3730; (R1) 1.3792; More…

Intraday bias in GBP/USD remains neutral for the moment. Some consolidations could be seen but risk stays on the downside as long as 1.3917 resistance holds. Break of 1.3668/9 will resume the correction from 1.4240 to 1.3482 key resistance turned support. However, firm break of 1.3917 will suggest that the correction has completed, and bring stronger rise to 1.4000 resistance 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.

Daily Pivots: (S1) 1.3810; (P) 1.3878; (R1) 1.3917; More…..

No change in GBP/USD’s outlook. As long as 1.3741 minor support holds, further rally is expected. Sustained trading above 1.3835 key resistance could trigger upside acceleration to 100% projection of 1.2108 to 1.3651 from 1.3038 at 1.4581 next. However, considering bearish divergence condition in 4 hour MACD, break of 1.3741 will indicate short term topping. More importantly, that would suggest rejection from 1.3835 and turn bias to the downside for 1.3457.

In the bigger picture, sustained break of 1.3835 key resistance level will indicate that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. In that case, further rise should be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Nonetheless, rejection from 1.3835 will maintain medium term bearishness and thus, the risk retesting 1.1946 ahead.

Daily Pivots: (S1) 1.3703; (P) 1.3819; (R1) 1.3891; More…

GBP/USD’s fall extends to as low as 1.3712 so far today and intraday bias remains on the downside. Decisive break of 1.3711 key support should confirm medium term reversal. That is whole rally from 1.1946 has completed. And deeper fall should be seen to 1.3448 fibonacci level next. On the upside, above 1.3791 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, bearish divergence condition in daily MACD is raising the chance of medium term reversal. Also, note that GBP/USD has just failed to sustain above 55 month EMA (now at 1.4257) again. Focus is back on 1.3711 support. Firm break there will confirm medium term reversal and target 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 first. Break will target 61.8% retracement at 1.2874 and below. For now, sustained break of 55 month EMA is needed to confirm medium term upside momentum. Otherwise, we won’t turn bullish even in case of strong rebound.

Daily Pivots: (S1) 1.3049; (P) 1.3082; (R1) 1.3132; More…

GBP/USD’s rise from 1.2773 is still in progress and intraday bias stays on the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3018 minor support will turn intraday bias neutral first.

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) 1.2577; (P) 1.2665; (R1) 1.2723; More…

Focus stays on 1.2628 support in GBP/USD. Firm break there will bring deeper fall to 55 D EMA (now at 1.2531). Considering bearish divergence condition in D MACD, sustained break of the EMA will argue that it’s already in correction to larger up trend and target 1.2306 support. Nevertheless, rebound from current level will retain near term bullishness for up trend resumption through 1.2847 later.

In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 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) 1.2871; (P) 1.2933; (R1) 1.3014; More….

Intraday bias in GBP/USD remains neutral for the moment. Risk stays on the downside as long as 1.3217 resistance holds. As noted before, rebound from 1.2391 has completed at 1.3217, after rejection by 1.3174 key resistance. Firm break of 1.2814 will bring retest of 1.2391 low.

In the bigger picture, the rejection by 1.3174 key resistance revived the original view on GBP/USD. That is, decline from 1.4376 is possibly resuming long term down trend from 2.1161 (2007 high). Firm break of 1.2391 will solidify this bearish case and target 1.1946 (2016 low). However, decisive break of 1.3174 will invalidate this bearish case again and turn outlook bullish.

Daily Pivots: (S1) 1.2843; (P) 1.2876; (R1) 1.2899; More…

The consolidation from 1.2840 temporary low is still in progress and intraday bias remains neutral first. Outlook will stay bearish as long as 1.3030 resistance holds. We’re preferring the case that correction from 1.1946 is completed at 1.3267. Below 1.2840 will target 1.2588 key support to confirm our bearish view. Nonetheless, break of 1.3030 will dampen our view and turn bias back to the upside for retesting 1.3267.

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.

Despite edging higher to 1.2292 last week, subsequent fall in GBP/USD suggests that rebound from 1.1759 has completed, after hitting 55 day EMA. Initial bias is mildly on the downside for retesting 1.1759 low. On the upside, break of 1.2292 will resume the rebound towards 1.2405 resistance instead.

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 1.2925).

In the longer term picture, rebound from 1.1409 long term bottom should have completed at 1.4248 already, well 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 down trend from 2.1161 (2007 high) at a later stage.

Daily Pivots: (S1) 1.1355; (P) 1.1418; (R1) 1.1485; More…

Intraday bias in GBP/USD stays on the downside this week. Current down trend should target 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063. On the upside, above 1.1479 minor resistance will turn intraday bias neutral first. But break of 1.1737 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). Sustained break of 1.1409 will target 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as 1.2292 resistance holds.

Daily Pivots: (S1) 1.1703; (P) 1.1779; (R1) 1.1911; More…

GBP/USD’s rally is still in progress and intraday bias stays on the upside. Firm break of 61.8% projection of 1.0351 to 1.1494 from 1.1145 at 1.1851 will pave the way to 100% projection at 1.2288. On the downside, below 1.1646 minor support will turn intraday bias neutral and bring consolidation first.

In the bigger picture, current development suggests that rise from 1.0351 is a medium term bottom. Rise from there is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Sustained break of 38.2% retracement of 1.4248 to 1.0351 at 1.1840 will pave the way to 61.8% retracement at 1.2759 and possibly above.

Daily Pivots: (S1) 1.2445; (P) 1.2491; (R1) 1.2526; More…

GBP/USD is staying in range below 1.2705 and intraday bias remains neutral for the moment. As noted before, rise from 1.1986 is seen as the third leg of the consolidation pattern from 1.1946. Hence, in case of another rise, we’d expect upside to be limited by 1.2774 resistance and bring down trend resumption. On the downside, below 1.2411 minor support will argue that rise from 1.1986 is completed and turn bias to the downside for 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) 1.3540; (P) 1.3606; (R1) 1.3672; More…

Intraday bias in GBP/USD remains neural as consolidation from 1.3702 is extending. As long as 1.3428 support holds, further rally is expected. On the upside, break of 1.3702 will resume whole rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Nevertheless, break of 1.3428 support will indicate short term top, and turn bias to the downside for deeper pull back.

In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3332) should confirm medium term bottoming at 1.1409. Rise from there should now extend to 1.4376 resistance and above. This will remain the favored case as long as 1.2675 support holds.

Daily Pivots: (S1) 1.1509; (P) 1.1578; (R1) 1.1659; More…

Intraday bias in GBP/USD remains mildly on the upside as rebound from 1.1404 short term bottom is extending. Further rise would be seen to 55 day EMA (now at 1.1942). On the downside, below 1.1550 minor support will turn bias back to the downside. Decisive break of 1.1409 will resume larger down trend.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). Sustained break of 1.1409 will target 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as 1.2292 resistance holds.