GBP/USD’s correction from 1.4240 extended to as low as 1.3777 last week. Initial bias stays on the downside this week for 38.2% retracement of 1.2675 to 1.4240 at 1.3642. 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.

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) 1.3844; (P) 1.3930; (R1) 1.3981 More….

GBP/USD’s break of 1.3828 support now suggests that deeper correction is underway. Intraday bias is back on the downside for 38.2% retracement of 1.2675 to 1.4240 at 1.3642 first. Break there will target 61.8% retracement at 1.3273 next. On the upside, break of 1.4016 resistance is needed to indicate completion of the pull back. Otherwise, risk will stay mildly on the downside.

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) 1.3844; (P) 1.3930; (R1) 1.3981 More….

Intraday bias in GBP/USD remains neutral first as range trading continues. Further rise is still mildly in favor as long as 1.3828 support holds. Break of 1.4016 minor resistance will bring retest of 1.4240 high first. Break there will extend the up trend from 1.1409 to 1.4376 long term resistance . However, on the downside, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3912; (P) 1.3959; (R1) 1.3997 More….

GBP/USD is staying in very tight range and intraday bias remains neutral first. As long as 1.3828 support holds, further rally is expected. On the upside, above 1.3998 minor resistance will turn bias to the upside for retesting 1.4240 high first. Break there will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3912; (P) 1.3959; (R1) 1.3997 More….

Intraday bias in GBP/USD remains neutral and outlook is unchanged. Further rally is expected as long as 1.3828 support holds. On the upside, above 1.3998 minor resistance will turn bias to the upside for retesting 1.4240 high first. Break there will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3887; (P) 1.3932; (R1) 1.4005 More….

Outlook in GBP/USD is unchanged and intraday bias remains neutral first. Further rally is expected as long as 1.3828 support holds. On the upside, above 1.3998 minor resistance will turn bias to the upside for retesting 1.4240 high first. Break there will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3887; (P) 1.3932; (R1) 1.4005 More….

Intraday bias in GBP/USD remains neutral and outlook is unchanged. Overall, further rally is expected as long as 1.3828 support holds. On the upside, above 1.3998 minor resistance will turn bias to the upside for retesting 1.4240 high first. Break there will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3888; (P) 1.3944; (R1) 1.3983 More….

Outlook in GBP/USD is unchanged as consolidation from 1.4240 is extending. Overall, further rally is expected as long as 1.3828 support holds. On the upside, above 1.3998 minor resistance will turn bias to the upside for retesting 1.4240 high first. Break there will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3888; (P) 1.3944; (R1) 1.3983 More….

Outlook in GBP/USD remains unchanged for the moment. Consolidation from 1.4240 is in progress with risk of deeper fall. But further rally is expected as long as 1.3828 support holds. Break of 1.4240 will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3869; (P) 1.3947; (R1) 1.4007; More….

GBP/USD is staying in consolidation from 1.4240 and intraday bias remains neutral first. Further rally is expected as long as 1.3828 support holds. Break of 1.4240 will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3869; (P) 1.3947; (R1) 1.4007; More….

Intraday bias in GBP/USD remains neutral for the moment and some more consolidations could be seen. Further rally is expected as long as 1.3828 support holds. Break of 1.4240 will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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.

GBP/USD rose further to as high as 1.4240 last week but retreated since then. Initial bias stays neutral this week for more consolidations first. Further rally is expected as long as 1.3828 support holds. Break of 1.4240 will extend the up trend from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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.

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) 1.3947; (P) 1.4065; (R1) 1.4129; More….

No change in GBP/USD’s outlook as it’s staying above 1.3828 support despite the steep retreat from 1.4249. Intraday bias remains neutral first and more consolidative trading could be seen. Further rally remains in favor. On the upside, break of 1.4240 will resume larger rise from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.3947; (P) 1.4065; (R1) 1.4129; More….

Intraday bias in GBP/USD remains neutral first despite the deep retreat from 1.4240. Outlook stays bullish with 1.3828 support intact and further rally is in favor. On the upside, break of 1.4240 will resume larger rise from 1.1409 to 1.4376 long term resistance and then 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. However, firm break of 1.3828 will bring deeper correction to 1.2675/3482 support zone.

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) 1.4068; (P) 1.4154; (R1) 1.4227; More….

Intraday bias in GBP/USD remains neutral for consolidation below 1.4240 temporary top. Deeper pull back cannot be ruled out. But downside should be contained well above 1.3828 support to bring rise resumption. Break of 1.4240 will target 1.4376 long term resistance next. Firm break there will pave the way to 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748.

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) 1.4068; (P) 1.4154; (R1) 1.4227; More….

GBP/USD is staying in consolidation from 1.4240 and intraday bias remains neutral first. Some consolidations could be seen and deeper pull back cannot be ruled out. But downside should be contained well above 1.3828 support to bring rise resumption. Break of 1.4240 will target 1.4376 long term resistance next. Firm break there will pave the way to 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748.

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) 1.4074; (P) 1.4096; (R1) 1.4137; More….

Intraday bias in GBP/USD is turned neutral as a temporary top is formed at 1.4240 with today’s retreat. Some consolidations could be seen and deeper pull back cannot be ruled out. But downside should be contained well above 1.3828 support to bring rise resumption. Break of 1.4240 will target 1.4376 long term resistance next. Firm break there will pave the way to 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748.

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) 1.4074; (P) 1.4096; (R1) 1.4137; More….

GBP/USD’s rally continues today and hits as high as 14240 so far. Strong break of channel resistance suggests up side acceleration. Intraday bias stays on the upside for 1.4376 long term resistance next. Firm break there will pave the way to 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. On the downside, below 1.4053 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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) 1.3999; (P) 1.4043; (R1) 1.4104; More….

Intraday bias in GBP/USD remains on the upside at this point. Current rally is part of the up trend from 1.1409. Next target is 1.4376 long term resistance next. On the downside, break of 1.3979 minor support will turn intraday bias neutral, and bring consolidations, before staging another rally.

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) 1.3999; (P) 1.4043; (R1) 1.4104; More….

GBP/USD’s up trend from 1.1409 is still in progress. Intraday bias remains on the upside for 1.4376 long term resistance next. On the downside, break of 1.3979 minor support will turn intraday bias neutral, and bring consolidations, before staging another rally.

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.