Daily Pivots: (S1) 1.3763; (P) 1.3789; (R1) 1.3824; More….

GBP/USD’s corrective recovery from 1.3711 is still in progress and is pressing 4 hour 55 EMA. Intraday bias stays neutral at this point. And, near term outlook is still mildly bearish with 1.4144 resistance intact. Correction from 1.4345 would extend to 1.3651 resistance turned support and below. At this point, such fall is viewed as a corrective move. Hence, we’ll look for strong support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 to contain downside and bring rebound.

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) 1.3196; (P) 1.3239; (R1) 1.3306; More…

GBP/USD’s break of 1.3351 support turned resistance indicates that a short term bottom was formed at 1.3158 already. More importantly, it’s the first sign that correction from 1.4248 has complete with three waves down to 1.3158, after defending 1.3164 key medium term fibonacci level. Intraday bias is back on the upside for 1.3570 support turned resistance first. Firm break there will affirm this bullish case. On the downside, however, sustained break of 1.3164 will carry larger bearish implications.

In the bigger picture, immediate focus is now on 38.2% retracement of 1.1409 to 1.4248 at 1.3164. Sustained break there will argue that whole rise from 1.1409 has completed at 1.4248, after rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 61.8% retracement at 1.2493. However, strong rebound from current level will revive that case and up trend from 1.1409 is still in progress, and probably ready to resume.

Daily Pivots: (S1) 1.1474; (P) 1.1541; (R1) 1.1588; More…

Intraday bias in GBP/USD stays neutral for consolidation above 1.1442 temporary low. Upside of recovery should be limited by 1.1899 resistance to bring another decline. On the downside, break of 1.1442 will resume larger down trend for 1.1409 long term support. Firm break there will pave the way to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next.

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) 1.2097; (P) 1.2160; (R1) 1.2200; More…

Intraday bias in GBP/USD stays mildly on the downside as fall from 1.2445 short term top is in progress for 55 day EMA (now at 1.1863). Firm break there will target 38.2% retracement of 1.0351 to 1.2445 at 1.1645. For now, risk will stay on the downside as long as 1.2445 resistance holds, in case of recovery.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248. This will remain the favored case as long as 55 day EMA (now at 1.1863) holds.

Daily Pivots: (S1) 1.2821; (P) 1.2896; (R1) 1.2998; More…

Intraday bias in GBP/USD remains on the upside for 1.3047 as rise from 1.2588 continues. Break of 1.3047 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. On the downside, below 1.2913 minor support will turn bias neutral and bring retreat, before staging rally resumption.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. Pull back from 1.3047 has completed after failing to sustain below 1.2614 resistance turned support. It argues that the corrective pattern from 1.1946 is still in progress for another high above 1.3047. But still, 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.

Daily Pivots: (S1) 1.0706; (P) 1.0990; (R1) 1.1140; More…

GBP/USD’s decline continues today and reached as long as 1.0351. Intraday bias stays on the downside but some support could be seen from 100% projection of 1.3748 to 1.1759 from 1.2292 at 1.0303 to bring rebound. On the upside, break of 1.0844 minor resistance will turn intraday bias neutral first. However, sustained break of 1.0303 will target 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) 1.3280; (P) 1.3322; (R1) 1.3389; More…

GBP/USD’s recovery from 1.3203 is still in progress and could extend higher. But as it’s seen as a correction, upside should be limited by 1.3617 resistance to bring reversal. On the downside, break of 1.3253 minor support will likely resume the fall from 1.47376 through 1.3203 for 50% retracement of 1.1946 to 1.4376 at 1.3161 first, and 61.8% retracement at 1.2875 next.

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 55 day EMA (now at 1.3648) holds, even in case of strong rebound.

Daily Pivots: (S1) 1.1791; (P) 1.1828; (R1) 1.1871; More…

GBP/USD is still staying in consolidation from 1.1716 and intraday bias stays neutral. Upside of recovery should be limited by 1.2002 support turned resistance to bring another fall. Break of 1.1716 will resume larger down trend to 1.1409 long term support. However, firm break of 1.2002 will dampen this bearish view and bring stronger rise back to 1.2292 resistance.

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 1.2292 resistance holds. Next target is 1.1409 low. However, firm break of 1.2292 will bring stronger rise back to 55 week EMA (now at 1.2859).

Daily Pivots: (S1) 1.3592; (P) 1.3645; (R1) 1.3724; More….

Intraday bias in GBP/USD is mildly on the upside for retesting 1.3758 high. Break will resume larger up trend from 1.1409, to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, though, break of 1.3564 will resume the correction to channel support (now at 1.3489).

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. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

Daily Pivots: (S1) 1.3138; (P) 1.3177; (R1) 1.3220; More….

Intraday bias in GBP/USD remains neutral for consolidation below 1.3215 temporary top. In case of deeper retreat, downside should be contained well above 1.2827 support to bring rise resumption. On the upside, break of 1.3215 will resume the rise from 1.1958 to 1.3381 resistance next.

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.

Daily Pivots: (S1) 1.2023; (P) 1.2081; (R1) 1.2116; More…

Intraday bias in GBP/USD remains neutral for the moment, and further decline is mildly in favor. On the downside, break of 1.1960 will resume the fall from 1.2446, as the third leg of the corrective pattern from 1.2445, to 1.1840 support, and possibly below. On the upside, though, break of 1.2192 will resume the rise from 1.1960 to retest 1.2445/6.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.

Daily Pivots: (S1) 1.2430; (P) 1.2464; (R1) 1.2501; More…

The break of 1.2411 minor support suggests that rebound from 1.1986 has completed at 1.2705 already. And, the whole consolidation pattern from 1.1946 low is possibly finished too. Intraday bias is turned back to the downside for retesting 1.1946 low. On the upside, above 1.2486 minor resistance will turn bias back to the upside. In case rebound from 1.1986 extends, we’d still expect strong resistance from 1.2774 resistance to limit upside.

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) 1.2552; (P) 1.2565; (R1) 1.2592; More…

Intraday bias in GBP/USD remains neutral as consolidations continue above 1.2538. But risk will stay on the downside as long as 1.2667 resistance holds, in case of recovery. Below 1.2538 will target 1.2517 structural support. Decisive break there will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish.

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, which might still be in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2517 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) 1.2430; (P) 1.2464; (R1) 1.2501; More…

GBP/USD is still staying in range of 1.2411/2705. 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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GBP/USD edged higher to 1.2987 last week but dipped sharply since then. Nonetheless, it’s staying above 1.2830 minor support. Hence, initial bias is neutral this week first. Considering bearish divergence condition in 4 hour MACD, break of 1.2830 will indicate short term topping. In such case, intraday bias is turned back to the downside for 1.2614 resistance turned support first. Overall, price actions from 1.1946 are viewed as a corrective pattern. There, in case of another rise, we’d start to look for reversal signal again above 1.2987.

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.

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 stayed in consolidation from 1.3012 last week and outlook is unchanged. Initial bias remains neutral this week first. In case of another retreat, 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 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next.

In the bigger picture, current development affirms the case of medium term bottoming 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

In the longer term picture, at this point, price actions from 1.1946 are seen developing into a corrective pattern. That is, down trend from 2.1161 (2007 high) is still expected to resume later. But sustained break of 1.4376 resistance will now be a strong signal of long term reversal.

Daily Pivots: (S1) 1.2981; (P) 1.3014; (R1) 1.3038; More….

No change in GBP/USD’s outlook. Intraday bias stays neutral with focus on 1.2967 minor support. On the downside, break of 1.2967 will turn bias to the downside for 1.2865 support. Decisive break there will revive the bearish case that rebound from 1.2391 has completed at 1.3381. Near term outlook will turn be turned bearish. On upside, above 1.3176 will retain the bullish case and target a retest on 1.3381 high next.

In the bigger picture, medium term decline from 1.4376 (2018 high) halted and made a medium term bottom after hitting 1.2391. Rebound from 1.2391 is seen as a corrective move for now. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.

Daily Pivots: (S1) 1.3199; (P) 1.3269; (R1) 1.3306; More…

Intraday bias in GBP/USD remains neutral first. On the downside, firm break of 1.3164 medium term fibonacci level will carry larger bearish implication. Fall from 1.4248 should resume and target 161.8% projection of 1.4248 to 1.3570 from 1.3833 at 1.2736. On the upside, , break of 1.3372 will resume the rise from 1.3158 to 55 day EMA (now at 1.3436).

In the bigger picture, focus remains on 38.2% retracement of 1.1409 to 1.4248 at 1.3164. Sustained break there will argue that whole rise from 1.1409 has completed at 1.4248, after rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 61.8% retracement at 1.2493. However, strong rebound from current level will revive argue that up trend from 1.1409 is still in progress, and probably ready to resume.

GBP/USD’s break of 1.3007 resistance last week suggests that correction from 1.3482 has completed at 1.2675. That came after drawing support from 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Initial bias is now back on the upside this week for retesting 1.3482/3514 resistance zone next. Decisive break there will carry larger bullish implications and target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.2845 support will dampen this view and turn focus back to 1.2675 support instead.

In the bigger picture, focus is back on 1.3415 key resistance now. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3312). 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.

In the longer term picture, GBP/USD is staying below decade long trend line from 2.1161 (2007 high). It also struggles to sustain above 55 month EMA (now at 1.3317). Long term outlook stays bearish for now, despite bullish convergence condition in monthly MACD.

Daily Pivots: (S1) 1.2491; (P) 1.2564; (R1) 1.2619; More…

Intraday bias in GBP/USD remains mildly on the upside at this point. Fall from 1.2892 could have completed with three waves down to 1.2298. Further rise should be seen and break of 61.8% projection of 1.2298 to 1.2568 from 1.2471 will target 100% projection at 1.2741. For now, further rally will be expected as long as 1.2471 support holds, in case of retreat.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2298 support will extend the corrective pattern instead.