Thu, Apr 02, 2020 @ 00:03 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2316; (P) 1.2375; (R1) 1.2417; More

GBP/USD’s rise from 1.2108 resumed after brief consolidation. Intraday bias is back on the upside for 1.2569 resistance. Break will target 1.2705/74 resistance zone. But still, price actions from 1.1946 are seen as a consolidation pattern. Hence, we’d expect strong resistance from 1.2705/2774 to limit upside and bring down trend resumption. On the downside, break of 1.2323 support will turn bias back to the downside for 1.2108 support. Though, sustained break of 1.2774 will extend the rise towards 1.3444 key resistance level.

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.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3127; (P) 1.3153; (R1) 1.3174; More….

With 1.3100 minor support intact, intraday bias in GBP/USD remains on the upside, Current rise from 1.1958 is in progress for 1.3381 resistance next. On the downside, below 1.3100 minor support will turn intraday bias neutral again first. But downside of retreat should be contained well above 1.2827 support to bring rise resumption.

In the bigger picture, rise from 1.1958 medium term bottom 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.4052; (P) 1.4165; (R1) 1.4229; More…..

GBP/USD dips notably today but it’s staying in established range below 1.4345. Intraday bias remains neutral for the moment. While further fall could be seen, downside should be contained by 1.3915 support to bring rally resumption. On the upside, break of 1.4345 will resume medium term up trend to 100% projection of 1.2108 to 1.3651 from 1.3038 at 1.4581 next. However, break of 1.3915 will argue that, at least, deeper pull back in underway to 1.3651 resistance turned support.

In the bigger picture, sustained break of 1.3835 key resistance level indicates that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. Further rise should now be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Medium term outlook will stay bullish as long as 1.3038 support holds, in case of pull back.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3019; (P) 1.3069; (R1) 1.3113; More….

With 1.3221 minor resistance intact, deeper fall is expected in GBP/USD for 1.2773 key support level. Current strong downside momentum is raising the chance of medium term reversal. Decisive break there will affirm this bearish case and bring deeper fall to retest 1.1946 low. Meanwhile, break of 1.3221 minor resistance will at least indicate near term bottoming and turn bias back to the upside for rebound.

In the bigger picture, while the medium term rebound from 1.1946 was strong, GBP/USD hit strong resistance from the falling trend line. Outlook is turned a bit mixed and we’ll turn neutral first. On the downside, decisive break of 1.2773 key support will argue that rebound from 1.1946 has completed. The corrective structure of rise from 1.1946 to 1.3651 will in turn suggest that long term down trend is now completed. Break of 1.1946 low should then be seen. On the upside, break of 1.3835 support turned resistance will revive the case of trend reversal and target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 .

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2113; (P) 1.2181; (R1) 1.2229; More

GBP/USD’s fall resumed after brief consolidation and intraday bias is back on the downside. Current fall should target 1.1946 low next. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. On the upside, break of 1.2259 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.2258 resistance to bring fall resumption.

In the bigger picture, down trend from 1.4376 (2018 high) is still in progress and is resuming. Such decline should target a test on 1.1946 long term bottom (2016 low) next. For now, we don’t expect a firm break there yet. Hence, focus will be on bottoming signal as it approaches 1.1946. However, firm break of 1.1946 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.

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GBP/USD Weekly Outlook

GBP/USD stayed in consolidation below 1.4345 last week and outlook is unchanged. Initial bias remains neutral this week first. In case of another fall, downside should be contained by 1.3915 support to bring rally resumption. On the upside, break of 1.4345 will resume medium term up trend to 100% projection of 1.2108 to 1.3651 from 1.3038 at 1.4581 next. However, break of 1.3915 will argue that, at least, deeper pull back in underway to 1.3651 resistance turned support.

In the bigger picture, sustained break of 1.3835 key resistance level indicates that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. Further rise should now be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Medium term outlook will stay bullish as long as 1.3038 support holds, in case of pull back.

In the longer term picture, rise from 1.1946 should at least be correcting the whole long term down trend form 2.1161 and should target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. It too early to tell if it’s developing into a long term up trend. We’ll monitor the upside momentum and reaction to 1.5466 to decide later.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

GBP/USD Weekly Chart

GBP/USD Monthly Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2129; (P) 1.2178; (R1) 1.2215; More….

GBP/USD’s fall from 1.2309 extends further today. Intraday bias remains on the downside for 1.2014 support. Break will resume larger down trend to 1.1946 low next. On the upside, above 1.2174 minor resistance will turn intraday bias neutral again. In case of another rise as consolidation from 1.2014 extends, upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536 to bring down trend resumption eventually.

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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2540; (P) 1.2607; (R1) 1.2657; More

Intraday bias in GBP/USD is turned neutral with a temporary top in place at 1.2673. Rise from 1.1986 is seen as the third leg of the consolidation pattern from 1.1946. Break of 1.2414 support will indicate that it’s completed and turn bias to the downside for retesting 1.1946 low. In case of another rise, upside should be limited by 1.2774 to limit upside and bring down trend resumption eventually.

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.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Weekly Outlook

GBP/USD rebounded to as high as 1.2530 last week but lost momentum since then. Overall outlook is unchanged that price actions from 1.1946 are developing into consolidation pattern with 1.2108 as another leg. While such consolidation could extend, the larger down trend is expected to resume at a later stage.

GBP/USD 4 Hours Chart

Initial bias in GBP/USD is neutral this week first. On the upside, above 1.2530 will target 1.2705/74 resistance zone. But we’d expect strong resistance from 1.2705/2774 resistance zone to limit upside and bring down trend resumption. On the downside, break of 1.2340 support will turn bias back to the downside for 1.2108 support. Though, sustained break of 1.2774 will extend the rise towards 1.3444 key resistance level.

GBP/USD Daily Chart

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 reversal 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.

GBP/USD Weekly Chart

In the longer term picture, no change in the view that down trend from 2.1161 is still in progress. Current momentum suggests that the down trend will go deeper than originally expected to 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532.

GBP/USD Monthly Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2908; (P) 1.2937; (R1) 1.2988; More

Intraday bias in GBP/USD remains neutral for the moment. On the downside, below 1.2768 minor support will extend the fall from 1.3047 to 1.2614 resistance turned support. Decisive break there should confirm completion of the consolidation pattern from 1.1946 and resume the larger down trend through this low. On the upside, break of 1.3047 will extend the correction with another rise towards 1.3444 key resistance.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. The rejection from 55 week EMA is maintaining bearishness in the pair. Also, at this point, as long as 1.3444 resistance holds, fall from 1.7190 is still expected to continue. Break of above mentioned 1.2614 support will affirm this bearish case.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3160; (P) 1.3193; (R1) 1.3229; More….

GBP/USD is still bounded in range of 1.3026/3337 and intraday bias remains neutral at this point. On the downside, break of 1.3026 will resume the decline from 1.3651 and target 1.2773 key support level. This will also revive the case of medium term reversal. Meanwhile, on the upside, break of 1.3337 will resume the rebound from 1.3026 to 61.8% retracement of 1.3651 to 1.3026 at 1.3412 and above.

In the bigger picture, while the medium term rebound from 1.1946 was strong, GBP/USD hit strong resistance from the long term falling trend line. Outlook is turned a bit mixed and we’ll stay neutral first. On the downside, decisive break of 1.2773 key support will argue that rebound from 1.1946 has completed. The corrective structure of rise from 1.1946 to 1.3651 will in turn suggest that long term down trend is now completed. Break of 1.1946 low should then be seen. On the upside, break of 1.3835 support turned resistance will revive the case of trend reversal and target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2838; (P) 1.2899; (R1) 1.2946; More

GBP/USD is losing some downside momentum as seen in 4 hour MACD. But with 1.2919 minor resistance intact, intraday bias stays on the downside. Current fall should extend to 100% projection of 1.3362 to 1.2956 from 1.3212 at 1.2806 first. Break will target 161.8% projection at 1.2555 next. On the upside, above 1.2919 minor resistance will turn bias neutral and bring consolidation. But upside should be limited well below 1.3212 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 (now at 1.4141). Fall from 1.4376 has met 61.8% retracement of 1.1946 (2016 low) to 1.4376 at 1.2874 already. Decisive break of 1.2874 will raise the chance of long term down trend resumption through 1.1946 low. On the upside, break of 1.3212 resistance is needed to be the first indication of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3193; (P) 1.3245; (R1) 1.3334; More

GBP/USD rises to as high as 1.3327 so far as recent rally continues. Intraday bias remains on the upside for 1.3444 key resistance next. At this point, we’d maintain that 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, 1.3224 minor support will turn intraday bias neutral again. However, firm break of 1.3444 will carry larger bullish implication and target 1.3835/5016 resistance first zone 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 1.2773 support will be the first sign that such down trend is resuming. However, considering bullish convergence condition in monthly MACD, firm break of 1.3444 will argue that whole down trend from 2.1161 (2007) has completed. And stronger rise would be seen back to 38.2% retracement of 2.1161 to 1.1946 at 1.5466.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3088; (P) 1.3159; (R1) 1.3259; More….

Intraday bias in GBP/USD remains neutral as it’s still bounded in range of 1.3038/3337. In case of another recovery, upside should be limited below 1.3337 resistance to bring fall resumption. Break of 1.3038 will now resume decline from 1.3651 to 1.2773 key support level. However, decisive break of 1.3337 will indicate that pull back from 1.3651 is completed and medium term rise from 1.1946 is resuming.

In the bigger picture, as noted before, GBP/USD hit strong resistance from the long term falling trend line. Current development is starting to favor that corrective rebound from 1.1946 low has completed at 1.3651. Decisive break of 1.2773 will confirm this bearish case and target a test on 1.1946 low next, with prospect of resuming the low term down trend. Nonetheless, break of 1.3320 resistance will restore the rise from 1.1946 for 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3323; (P) 1.3362; (R1) 1.3416; More

GBP/USD recovers after dipping to 1.3307 and intraday bias is turned neutral again. Below 1.3307 will reaffirm the case that corrective rise from 1.3203 has completed. Retest of 1.3203 should then be seen. Break will resume the fall from 1.4376 to 50% retracement of 1.1946 to 1.4376 at 1.3161 first, and 61.8% retracement at 1.2875 next. Nonetheless, above 1.3424 minor resistance will extend the corrective rise through 1.3471 before completion.

In the bigger picture, current development suggests that whole medium term rebound from 1.1936 (2016 low) has completed at 1.4376 already, with trend line broken firmly, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4223). 61.8% retracement of 1.1936 (2016 low) to 1.4376 at 1.2874 is the next target. We’ll pay attention to the reaction from there to asses the chance of long term down trend resumption. For now, outlook will stay bearish as long as 1.3617 resistance holds, even in case of strong rebound.

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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 Mid-Day Outlook

Daily Pivots: (S1) 1.2427; (P) 1.2504; (R1) 1.2549; More….

Intraday bias in GBP/USD stays neutral first and more corrective trading could be seen. Further rise is mildly in favor as long as 1.2283 minor support holds. On the upside, sustained break of 38.2% retracement of 1.3381 to 1.1958 at 1.2502 will pave the way to 61.8% retracement at 1.2837. However, break of 1.2283 will suggest that rebound from 1.1958 has completed. Intraday bias will be turned back to the downside or retesting 1.1958 low.

In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2758) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 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.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3893; (P) 1.3936; (R1) 1.3986; More….

GBP/USD rises to as high as 1.4087 so far today as boosted by Brexit news. Break of 1.3995 confirms resumption of rebound from 1.3711. Also, it affirms the case that correction from 1.4345 has completed. Intraday bias is back on the upside for 1.4144 resistance first. Break should confirm this bullish view and send GBP/USD through 1.4345 to resumer larger up trend. On the downside, break of 1.3888 minor support is needed to indicate completion of the rebound. Otherwise, further rise will now be in favor.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down 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 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2842; (P) 1.2865; (R1) 1.2905; More….

GBP/USD recovers today but stays in consolidation from 1.3012. Intraday bias remains neutral first. Such consolidation could extend but in case of another fall, downside should be contained above 1.2582 resistance turned support to bring rise resumption. On the upside, break of 1.3012 will resume the rise from 1.1958 to 1.3381 resistance next.

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.

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2700; (P) 1.2757; (R1) 1.2792; More

GBP/USD drops sharply today but it’s staying above 1.2633. Intraday bias remains neutral first. With 1.2977 resistance intact, we’re still favoring the bearish case. That is, consolidation pattern from 1.1946 has completed at 1.3047 already. Break of 1.2614 resistance turned support should confirm our bearish view and target a test on 1.1946 low next. However, break of 1.2977 will dampen our view and turn bias back to the upside for 1.3047 and above.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. Price actions from 1.1946 medium term low are seen as a consolidation pattern, which could have completed after hitting 55 week EMA. Break of 1.1946 low will target 61.8% projection of 1.5016 to 1.1946 from 1.3047 at 1.1150 next. In case the consolidation from 1.1946 extends, outlook will stay remain bearish as long as 1.3444 resistance holds.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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