Sun, Nov 18, 2018 @ 17:16 GMT

GBP/USD Weekly Outlook

GBP/USD’s fall from 1.3174 extended to as low as 1.2723 last week. But it recovered ahead of 1.2692 support. Initial bias is turned neutral this week first. Overall outlook is unchanged that price actions from 1.2661 are viewed as a consolidation pattern. Break of 1.2692 will bring retest of 1.2661 first. Firm break there will resume the larger down trend from 1.4376. On the upside, sustained break of 4 hour 55 EMA (now at 1.2932) could extend the consolidation with another rise. But even in case of strong rally, upside should be limited by 1.3316 fibonacci level to bring down trend resumption eventually.

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. 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.

In the longer term picture, outlook in GBP/USD is held bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2656; (P) 1.2843; (R1) 1.2963; More

For now, intraday bias in GBP/USD remains on the downside for 1.2692 support first. Break will target 1.2661 low next. Decisive break there will resume larger down trend from 1.4376. On the upside, break of 1.2894 minor resistance will probably bring another rebound. But upside should be limited by 1.3316 fibonacci level. Overall, price actions from 1.2661 are viewed as a consolidation pattern. Down trend from 1.4376 should resume after completion of the consolidation.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2656; (P) 1.2843; (R1) 1.2963; More

Intraday bias in GBP/USD remains on the downside for 1.2692 support. first. Break will target 1.2661 low next. Decisive break there will resume larger down trend from 1.4376. On the upside, break of 1.2894 minor resistance will probably bring another rebound. But upside should be limited by 1.3316 fibonacci level. Overall, price actions from 1.2661 are viewed as a consolidation pattern. Down trend from 1.4376 should resume after completion of the consolidation.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2888; (P) 1.2980; (R1) 1.3081; More

GBP/USD dives to as low as 1.2750 so far today. The break of 1.2825 suggests resumption of fall from 1.3174. Intraday bias is back on the downside for retesting 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. On the upside, break of 1.3071 will bring another rebound. But upside should be limited by t 1.3316 fibonacci level. Overall, price actions from 1.2661 are viewed as a consolidation pattern. Down trend from 1.4376 should resume after completion of the consolidation.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2888; (P) 1.2980; (R1) 1.3081; More

Intraday bias in GBP/USD remains neutral at this point. Overall outlook is unchanged that price actions from 1.2661 are viewed as a consolidation pattern. In case of stronger rise, strong resistance should be seen at 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2825 will resume the fall from 1.3174 to 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2857; (P) 1.2952; (R1) 1.3063; More

Intraday bias in GBP/USD remains neutral at this point. Overall outlook is unchanged that price actions from 1.2661 are viewed as a consolidation pattern. In case of stronger rise, strong resistance should be seen at 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2825 will resume the fall from 1.3174 to 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2857; (P) 1.2952; (R1) 1.3063; More

GBP/USD’s rebound from 1.2825 extends further but stays below 1.3174 resistance. Intraday bias remains neutral and outlook is unchanged. Price actions from 1.2661 are viewed as a consolidation pattern, that could be extending. In case of stronger rise, strong resistance should be seen at 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2825 will resume the fall from 1.3174 to 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2802; (P) 1.2875; (R1) 1.2922; More

Intraday bias in GBP/USD is turned neutral as it recovers after hitting 1.2825. Intraday bias is turned neutral first. On the downside, below 1.2825 will resume the fall from 1.3174 to 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. On the upside, above 1.3174 will extend the rebound from 1.2692. But after all, price actions from 1.2661 are seen as a consolidation pattern and larger down trend is expected to resume sooner or later.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2802; (P) 1.2875; (R1) 1.2922; More

Intraday bias in GBP.USD remains on the downside. Current fall from 1.3174 should target 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. On the upside, above 1.2946 minor resistance will turn intraday bias neutral first and bring recovery. But upside should be limited below 1.3174 resistance to bring fall resumption.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2928; (P) 1.3003; (R1) 1.3047; More

Intraday bias in GBP/USD remains on the downside as fall from 1.3174 is in progress. Deeper decline would be seen back to 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. On the upside, above 1.2946 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.3174 resistance to bring fall resumption.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2928; (P) 1.3003; (R1) 1.3047; More

GBP/USD’s break of 1.2951 support now suggests that rebound from 1.2692 has already completed at 1.3174 already. Intraday bias is turned back to the downside for 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. On the upside, in case of another rise, strong resistance should be seen at 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. Overall, price actions from 1.2661 are seen as a consolidation pattern. Fall from 1.4376 will resume after such consolidation completes.

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. 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.

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GBP/USD Weekly Outlook

GBP/USD rose to as high as 1.3174 last week but retreated sharply since then. As it stays above 1.2951 minor support, initial bias is neutral this week first. Outlook is unchanged that price actions from 1.2661 are developing into a consolidation pattern. In case of another rise, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 and then 1.2661 key support.

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. 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.

In the longer term picture, outlook in GBP/USD is held bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3020; (P) 1.3086; (R1) 1.3126; More

While the decline from 1.3174 extends lower today, GBP/USD is held above 1.2951 support. Intraday bias remains neutral and another rise cannot be ruled out. On the upside, above 1.3174 will target 1.3257/3297 resistance zone. However, as rise from 1.2692 is viewed as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 and then 1.2661 key support.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3020; (P) 1.3086; (R1) 1.3126; More

GBP/USD’s retreat from 1.3174 extends lower today but stays above 1.2951 support. Intraday bias remains neutral and another rise could still be seen. On the upside, above 1.3174 will target 1.3257/3297 resistance zone. However, as rise from 1.2692 is viewed as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 and then 1.2661 key support.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3076; (P) 1.3125; (R1) 1.3177; More

Intraday bias in GBP/USD stays neutral for consolidation below 1.3174 temporary top. With 1.2951 minor support intact, further rise could still be seen to 1.3257/3297 resistance zone. However, as rise fro 1.2692 is seen as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 and then 1.2661 key support.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3076; (P) 1.3125; (R1) 1.3177; More

With 4 hour MACD crossed below signal line, intraday bias in GBP/USD is turned neutral first. On the upside, above 1.3174 will extend the rebound from 1.2692 to 1.3257/3297 resistance zone. As this rise is seen as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 and then 1.2661 key support.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3049; (P) 1.3078; (R1) 1.3135; More

GBP/USD’s rebound form 1.2692 is still in progress and intraday bias stays on the upside for 1.3257/3297 resistance zone. As this rise is seen as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 instead.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3049; (P) 1.3078; (R1) 1.3135; More

Intraday bias in GBP/USD remains on the upside for the moment. Rise from 1.2692 is in progress for 1.3257/3297 resistance zone. Such rally is seen as the third leg of consolidation pattern from 1.2661. Hence, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 instead.

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. 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2985; (P) 1.3021; (R1) 1.3077; More

No change in GBP/USD’s outlook as the rebound from 1.2692 is in progress. Intraday bias stays on the upside for 1.3257/3297 resistance zone. Such rally is seen as the third leg of consolidation pattern from 1.2661. Hence, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 instead.

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. 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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2985; (P) 1.3021; (R1) 1.3077; More

GBP/USD’s rise from 1.2692 is still in progress and intraday bias remains on the upside for 1.3257/3297 resistance zone. Such rally is seen as the third leg of consolidation pattern from 1.2661. Hence, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 instead.

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. 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.

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