Daily Pivots: (S1) 1.2521; (P) 1.2604; (R1) 1.2655; More….

Intraday bias in GBP/USD is turned neutral as recovery from 1.2454 quickly lost momentum. On the upside, firm break of 1.2813 will resume larger rise from 1.1409. On the downside, though, sustained break of 55 day EMA (now at 1.2470) will argue that whole rebound from 1.1409 has completed. In this case, deeper decline would be seen to 1.2065 support for confirmation.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for rend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.

Daily Pivots: (S1) 1.0381; (P) 1.0655; (R1) 1.0962; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.0351. Risk will stay on the downside as long as 1.1404 support turned resistance holds. Break of 1.0351 will resume larger down trend towards parity next.

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) 1.2638; (P) 1.2715; (R1) 1.2760; More…

GBP/USD is staying in consolidation below 1.2793 and intraday bias remains neutral at this point. While deeper retreat cannot be ruled out, outlook will stay cautiously bullish as long as 1.2499 support holds. On the upside, firm break of 1.2793 will resume the rally from 1.2036. Next target is 61.8% projection of 1.2068 to 1.2731 from 1.2499 at 1.2909.

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’s 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.

Daily Pivots: (S1) 1.3386; (P) 1.3463; (R1) 1.3511; More…

GBP/USD’s break of 1.3283 support suggests short term topping at 1.3539. Intraday bias is back on the downside for 55 day EMA (now at 1.3152) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. For now, risk will stay on the downside as long as 1.3539 resistance holds, in case of recovery.

In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3308). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.

Daily Pivots: (S1) 1.2112; (P) 1.2152; (R1) 1.2182; More…

GBP/USD weakens in early US session but stays above 1.2079 temporary low. Intraday bias remains neutral first. In case of stronger recovery, upside should be limited by 1.2382 support turned resistance to bring fall resumption. On the downside, break of 1.2079 will target 1.1946 low. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396.

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.

Daily Pivots: (S1) 1.2847; (P) 1.2875; (R1) 1.2920; More…

GBP/USD is still bounded in range of 1.2798/2935 and intraday bias remains neutral first. As noted before, as long as 1.2956 support turned resistance stays intact, near term outlook remains bearish for further decline. On the downside, below 1.1798 minor support will target 1.2661 low first. Break will resume larger fall from 1.4376. However, considering bullish convergence condition in daily MACD, break of 1.2956 will indicate medium term bottoming. And stronger rebound would be seen back to 55 day EMA (now at 1.3060) and above.

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 1.4091). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. Retest of 1.1946 should be seen next.

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.

Daily Pivots: (S1) 1.3032; (P) 1.3071; (R1) 1.3091; More….

No change in GBP/USD’s outlook as it’s staying in consolidation from 1.3381. Intraday bias remains neutral at this point. Further rally remains mildly in favor with 1.2960 support intact. On the upside, decisive break of 1.3381 will extend the rise from 1.2391 and target 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. However, on the downside, sustained break of 1.2960 will indicate that rebound from 1.2391 has completed earlier than expected. Deeper fall would then be seen to 1.2773 support for confirmation.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.

Daily Pivots: (S1) 1.2458; (P) 1.2609; (R1) 1.2710; More…

GBP/USD’s decline extended to as low as 1.2506 so far. Intraday bias stays on the downside for the moment. Prior break of 1.2661 support confirmed resumption of down trend from 1.4376. Further fall should be seen to 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. On the upside, above 1.2651 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another decline.

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.

Daily Pivots: (S1) 1.2672; (P) 1.2694; (R1) 1.2725; More…

Intraday bias in GBP/USD stays neutral for the moment. Consolidation pattern from 1.2826 could extend further. Break of 1.2595 support will target 1.2499 support. On the upside, however, firm break of 1.2784 resistance will suggest that the consolidation pattern has completed. Further rally should then resume through 1.2826 towards 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 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.

Daily Pivots: (S1) 1.3212; (P) 1.3249; (R1) 1.3277; More….

With 1.3454 minor resistance intact, GBP/USD’s correction from 1.3651 could extend lower to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. However, break of 1.3454 will indicate completion of the pull back. In that case, intraday bias will be turned back to the upside for retesting 1.3651 high.

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.

Daily Pivots: (S1) 1.3947; (P) 1.4022; (R1) 1.4078; More….

Despite dipping to 1.3964, GBP/USD failed to sustain below 1.3982 support so far and recovered strongly. Intraday bias remain neutral first. Strong rebound from 1.3982, followed by break of 1.4096 minor resistance will retain near term bullish and turn bias to the upside for 1.4243. Break will resume the rally from 1.3711 for 1.4345 high first. Nonetheless, decisive break of 1.3982 will indicate completion of the rise from 1.3711. In that case, deeper decline should be seen back to retest 1.3711.

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.

Daily Pivots: (S1) 1.2299; (P) 1.2399; (R1) 1.2450; More….

Intraday bias in GBP/USD remains neutral at this point, with focus on 1.2283 minor support. Break will suggest that rebound from 1.1958 has completed. Intraday bias will be turned back to the downside or retesting 1.1958 low. On the upside, break of 1.2582 and 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.

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.

Daily Pivots: (S1) 1.2863; (P) 1.2912; (R1) 1.2959; More…

Intraday bias in GBP/USD stays neutral as range trading continues inside 1.2845/3082. With 1.2845 support intact, another rise is still mildly in favor. On the upside, above 1.3082 will resume the rebound from 1.2675 for retesting 1.3482 high. On the downside, however, break of 1.2845 will indicate that fall from 1.3482 is not over. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690.

In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3307). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.

Daily Pivots: (S1) 1.2133; (P) 1.2172; (R1) 1.2207; More…

GBP/USD is staying in consolidation above 1.2079 temporary low. Intraday bias remains neutral first. In case of stronger recovery, upside should be limited by 1.2382 support turned resistance to bring fall resumption. On the downside, break of 1.2079 will target 1.1946 low. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396.

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.

Daily Pivots: (S1) 1.3373; (P) 1.3464; (R1) 1.3516; More…

Intraday bias in GBP/USD remains on the downside at this point. Current fall from 1.4248 is in progress for 1.3163 medium term fibonacci level next. On the upside, above 1.3554 minor resistance will turn intraday bias neutral and bring consolidation, before staging another decline.

In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.

Daily Pivots: (S1) 1.3049; (P) 1.3077; (R1) 1.3103; More…

GBP/USD drops notably today and focus is now on 1.2999 low. Firm break there will resume larger down trend from 1.4248. Next target is 61.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2900. In any case, outlook will stay bearish in case of recovery.

In the bigger picture, current development suggests that the up trend from 1.1409 (2020 low) has completed at 1.4248. Decline from 1.4248 could still be a corrective move, or it could be the start of a long term down trend. In either case, deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.

Daily Pivots: (S1) 1.3479; (P) 1.3517; (R1) 1.3576; More…..

GBP/USD dipped to 1.3457 but recovered quickly again. The price actions from 1.3612 are now clearly corrective. Hence even in case of another fall, downside should be contained well above 1.3300 support to bring rise resumption. And, break of 1.3612/51 resistance zone will now target 1.3835 key resistance level next.

In the bigger picture, the break of long term trend line resistance from 1.7190 (2014 high) is seen as a sign of long term reversal. However, rise from 1.1946 (2016 low) is not impulsive looking. And the pair is limited below 1.3835 key resistance. Hence, we won’t turn bullish yet and would continue to monitor the development. On the downside, break of 1.3038 support will now indicate that rebound from 1.1946 has completed and turn outlook bearish. Meanwhile, sustained break of 1.3835 should at least send GBP/USD to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

Daily Pivots: (S1) 1.2933; (P) 1.2988; (R1) 1.3040; More…

Intraday bias in GBP/USD remains neural for the moment and outlook is unchanged. Rise from 1.2661 is seen as a corrective move. In case of another rebound, upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually. On the downside, break of 1.2921 support will add to the case that corrective rise from 1.2661 has completed. Next target will be 1.2661/2784 support zone.

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.

Daily Pivots: (S1) 1.3968; (P) 1.4029; (R1) 1.4060; More…

GBP/USD recovers mildly but with 1.4069 minor resistance intact, intraday bias stays on the downside for 1.3965 support. Break there will pave the way to 1.3711 key support level. On the upside, above 1.4069 minor resistance will turn intraday bias neutral and bring consolidations. But for now, near term risk will stay on the downside as long as 4 hour 55 EMA (now at 1.4157 holds).

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). 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.