Daily Pivots: (S1) 1.2396; (P) 1.2481; (R1) 1.2535; More…

Intraday bias in GBP/USD remains on the downside at this point. Current fall from 1.2892 is in progress for 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354. Firm break there will target 161.8% projection at 1.2207 next. On the upside, above 1.2510 minor resistance will turn bias neutral and bring consolidations first, before staging another decline.

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). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.

GBP/USD’s fall from 1.2892 resumed accelerated to as low as 1.2425 last week. Initial bias stays on the downside this week for 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354. Firm break there will target 161.8% projection at 1.2207 next. On the upside, above 1.2510 minor resistance will turn bias neutral and bring consolidations first, before staging another decline.

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). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.

In the long term picture, a long term bottom should be in place at 1.0351 on bullish convergence condition in M MACD. But momentum of the rebound from 1.3051 argues GBP/USD is merely in consolidation, rather than trend reversal. Range trading is likely between 1.0351/4248 for some more time.

Daily Pivots: (S1) 1.2516; (P) 1.2548; (R1) 1.2584; More…

GBP/USD’s fall continues to as low as 1.2452 so far. Intraday bias stays on the downside for 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354 next. On the upside, above 1.2538 support turned resistance will turn intraday bias neutral and bring consolidations, because staging another decline.

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). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.

Daily Pivots: (S1) 1.2516; (P) 1.2548; (R1) 1.2584; More…

Intraday bias in GBP/USD remains on the downside for the moment. Decisive break of 1.2517 support will carry larger bearish implication. Next near term target will be 61.8% projection of 1.2892 to 1.2538 from 1.2708 at 1.2489. Firm break there could trigger downside acceleration to 100% projection at 1.2354. On the upside, above 1.2581 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2708 resistance holds, in case of recovery.

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, firm 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) 1.2471; (P) 1.2589; (R1) 1.2659; More…

No change in GBP/USD’s outlook and intraday bias stays on the downside. Decisive break of 1.2517 support will carry larger bearish implication. Next near term target will be 61.8% projection of 1.2892 to 1.2538 from 1.2708 at 1.2489. Firm break there could trigger downside acceleration to 100% projection at 1.2354. On the upside, above 1.2581 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2708 resistance holds, in case of recovery.

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, firm 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) 1.2471; (P) 1.2589; (R1) 1.2659; More…

Intraday bias in GBP/USD remains on the downside at this point. Decisive break of 1.2517 support will carry larger bearish implication. Next near term target will be 61.8% projection of 1.2892 to 1.2538 from 1.2708 at 1.2489. Firm break there could trigger downside acceleration to 100% projection at 1.2354. On the upside, above 1.2581 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2708 resistance holds, in case of recovery.

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, firm 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) 1.2645; (P) 1.2677; (R1) 1.2709; More…

GBP/USD’s sharp decline argues that rebound from 1.2538 has completed at 1.2708 already. Intraday bias is back on the downside for retesting 1.2517 key support. Sustained break there will turn near term outlook bearish. For now, risk will stay mildly on the downside as long as 1.2708 resistance holds, in case of recovery.

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) 1.2645; (P) 1.2677; (R1) 1.2709; More…

Intraday bias in GBP/USD stays mildly on the upside at this point. Rebound from 1.2538 is in progress for 1.2802 resistance first. On the downside, though, below 1.2648 minor support will turn intraday bias neutral again.

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) 1.2624; (P) 1.2644; (R1) 1.2675; More…

Intraday bias in GBP/USD is back on the upside with break of 1.2682. Rebound from 1.2538 would target 1.2802 resistance first. On the downside, though, below 1.2648 minor support will turn intraday bias neutral again.

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) 1.2624; (P) 1.2644; (R1) 1.2675; More…

Intraday bias in GBP/USD remains neutral for the moment and outlook is unchanged. On the downside, decisive break of 1.2517/38 support zone will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish. On the upside, however, firm break of 1.2682 will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next.

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) 1.2592; (P) 1.2621; (R1) 1.2666; More…

No change in GBP/USD’s outlook and intraday bias stays neutral. On the downside, decisive break of 1.2517/38 support zone will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish. On the upside, however, firm break of 1.2682 will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next.

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) 1.2592; (P) 1.2621; (R1) 1.2666; More…

Intraday bias in GBP/USD remains neutral for the moment. On the downside, decisive break of 1.2517/38 support zone will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish. On the upside, however, firm break of 1.2682 will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next.

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.

GBP/USD rebounded strongly to 1.2682 last week but retreated since then. Yet, there was no follow through selling. Initial bias is turned neutral this week first. On the downside, decisive break of 1.2517/38 support zone will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish. On the upside, however, firm break of 1.2682 will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next.

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.

In the long term picture, a long term bottom should be in place at 1.0351 on bullish convergence condition in M MACD. But momentum of the rebound from 1.3051 argues GBP/USD is merely in consolidation, rather than trend reversal. Range trading is likely between 1.0351/4248 for some more time.

Daily Pivots: (S1) 1.2624; (P) 1.2654; (R1) 1.2673; More…

Intraday bias in GBP/USD remains mildly on the downside for 1.2517/38 support zone. Decisive break there will suggest that rise from 1.2036 has completed at 1.2892 already, and turn near term outlook bearish. On the upside, however, firm break of 1.2682 will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next.

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) 1.2624; (P) 1.2654; (R1) 1.2673; More…

GBP/USD retreated after breaching 1.2667 resistance briefly. Intraday bias is back on the downside with break of 55 4H EMA (now at 1.2628). Retest of 1.2517/38 support zone would be seen next. On the upside, however, firm break of 1.2682 will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next.

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) 1.2592; (P) 1.2624; (R1) 1.2685; More…

Immediate focus is now on 1.2667 resistance. Firm break there will suggest that fall from 1.2892 has completed at 1.2538. Intraday bias will be turned back to the upside for 1.2802 resistance next. On the downside, below 55 4H EMA (now at 1.2628) will bring retest of 1.2538 instead.

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) 1.2592; (P) 1.2624; (R1) 1.2685; More…

Intraday bias in GBP/USD stays neutral first, and risk remains on the downside with 1.2667 resistance intact. 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. However, firm break of 1.2667 will turn bias back to the upside for stronger rebound towards 1.2802/2892 resistance zone instead.

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

Intraday bias in GBP/USD is turned neutral with current recovery and some consolidations could be seen first. 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) 1.2513; (P) 1.2578; (R1) 1.2617; More…

GBP/USD’s decline is still in progress and intraday bias stays on the downside for 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. For now, risk will stay on the downside as long as 1.2667 resistance holds, in case of recovery.

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.