Daily Pivots: (S1) 1.2645; (P) 1.2715; (R1) 1.2757; More….

No change in GBP/USD’s outlook and intraday bias remains neutral first. Corrective rebound from 1.2506 could still extend. But upside should be limited by 38.2% retracement of 1.3381 to 1.2506 at 1.2840. On the downside, break of 1.2642 minor support will turn intraday bias back to retest 1.2506 low. However, sustained break of 1.2840 will bring stronger rise to 61.8% retracement at 1.3047 next.

In the bigger picture, down trend from 1.4376 (2018 high) is still in progress. Break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence, focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.1527; (P) 1.1586; (R1) 1.1623; More…

Intraday bias in GBP/USD is turned neutral with current retreat, and some consolidations could be seen. Further rally is expected as long as 1.1256 minor support holds. Break of 1.1644 will resume rise form 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.0922 at 1.2065. However, break of 1.1256 will turn bias back to the downside for 1.0922 support and below.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2392).

GBP/USD’s rise form 1.2675 extended to as high as 1.3397 last week but retreated since then. Initial bias is neutral this week first. On the upside, above 1.3397 will target 1.3482 high. Decisive break of 1.3482 high will resume whole rise from 1.1409. Further rally should then be seen to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside,break of 1.3195 support will turn bias back to the downside, to extend the consolidation from 1.3482 with another falling leg.

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.

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 1.3308). Long term outlook stays bearish for now, despite bullish convergence condition in monthly MACD.

Daily Pivots: (S1) 1.2777; (P) 1.2812; (R1) 1.2857; More…

A temporary top is in place at 1.2847 in GBP/USD with current retreat, and intraday bias is turned neutral first. Some consolidations would be seen first, but downside should be contained above 1.2628 support to bring rise resumption. On the upside, firm break of 1.2847 will resume larger up trend and target 100% projection of 1.1801 to 1.2678 from 1.2306 at 1.3183 next.

In the bigger picture, the strong support from 55 W EMA (now at 1.2345) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).

Daily Pivots: (S1) 1.2602; (P) 1.2636; (R1) 1.2661; More….

GBP/USD is staying in consolidation from 1.2605 and intraday bias stays neutral for the moment. More sideway trading could still be seen. In case of another recovery, upside should be limited by 1.2865 support turned resistance to bring fall resumption. On the downside, break of 1.2605 will target a test on 1.2391 low first. Firm break there will resume larger down trend to 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next.

In the bigger picture, current development suggests that medium term decline from 1.4376 (2018 high) is not completed, and is possibly ready to resume. Decisive break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 1.1190; (P) 1.1277; (R1) 1.1342; More…

GBP/USD’s decline resumed after brief recovery and intraday bias is back on the downside. Current down trend should target 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. On the upside, above 1.1363 minor resistance will turn intraday bias neutral again. But upside of recovery should be limited below 1.1737 resistance.

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.

GBP/USD fell to as low as 1.2722 last week as the decline from 1.4376 resumed. Initial bias stays on the downside this week for 161.8% projection of 1.3362 to 1.2956 from 1.3212 at 1.2555 next. On the upside, above 1.2817 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited by 1.2956 support turned 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). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 1.3212 resistance holds. Retest of 1.1946 should be seen next.

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.

GBP/USD’s rebound from 1.2391 extended to as high as 1.3217 last week. Considering current upside acceleration, GBP/USD should sustain above 1.3174 resistance, which is close to 38.2% retracement of 1.4376 to 1.2391 at 1.3149. The development suggests that whole decline from 1.4376 has completed at 1.2391 on bullish convergence condition in daily MACD. Further rise should then be seen to 61.8% retracement at 1.3618. On the downside break of 1.3012 support is needed to be the first sign of topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, rise from 1.1946 (2016 low) to 1.4376 (2018 high) is seen as a corrective move. Similarly, fall from 1.4376 to 1.2391 also displace a corrective structure. Current development suggests that rise from 1.2391 is the third leg of the corrective pattern from 1.1946 and could extend beyond 1.4376 high. Firm break of 61.8% retracement of 1.4376 to 1.2391 at 1.3618 will affirm this case. On the downside, break of 55 day EMA (now at 1.2838) will turn focus back to 1.2391 low instead.

In the longer term picture, current development argues that corrective pattern from 1.1946 (2016 low) is extending with another rise. But there is no change in the long term bearish outlook as long as 38.2% retracement of 2.1161 (2007 high) to 1.1946 at 1.5466 holds. An eventual downside breakout through 1.1946 is still in favor in the long term.

Daily Pivots: (S1) 1.3371; (P) 1.3422; (R1) 1.3470; More…

GBP/USD is losing upside momentum as seen in 4 hour MACD. But overall outlook is unchanged. Corrective rise from 1.3203 could still extend higher. But upside should be limited by 1.3617 resistance to bring reversal. On the downside, break of 1.3347 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) 1.3102; (P) 1.3140; (R1) 1.3186; More…

GBP/USD’s break of 1.3175 resistance suggests resumption of rebound from 1.2675. Intraday bias is now on the upside. Break of near term channel resistance (now at 1.3252) will indicate upside acceleration and pave the way to retest 1.3482 high. On the downside, break of 1.3092 support will mix up the near term outlook and turn intraday bias neutral again.

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) 1.2900; (P) 1.2924; (R1) 1.2955; More…

Intraday bias in GBP/USD remains neutral as consolidation from 1.3029 is in progress. While deeper retreat cannot be ruled out, downside should be contained above 1.2849 support to bring rise resumption. Break of 1.3029 should then send GBP/USD through 1.3047 to 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is now in favor, overall 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. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 1.1380; (P) 1.1411; (R1) 1.1466; More…

Intraday bias in GBP/USD is turned neutral with current recovery. But break of 1.1737 resistance is needed to indicate short term bottoming. Otherwise, outlook stays bearish. On the downside, break of 1.1349 will resume larger down trend to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063.

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) 1.2616; (P) 1.2660; (R1) 1.2691; More…

GBP/USD rebounds strongly today but stays below 1.2793 resistance. Intraday bias remains neutral first. Further rally is expected 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) 1.2478; (P) 1.2505; (R1) 1.2547; More…

GBP/USD continues to lose upside momentum as seen in 4 hour MACD. But at this point, further rise is still expected with 1.2340 minor resistance holds. Above 1.2569 will target 1.2705/74 resistance zone. 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 1.2340 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.

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.

Daily Pivots: (S1) 1.3400; (P) 1.3431; (R1) 1.3475; More…

GBP/USD’s recovery from 1.3356 extends higher today but stays below 1.3523 minor resistance. Intraday bias remains neutral first and further fall is in favor. As noted before, rebound from 1.3158 has completed at 1.3748 already, and down trend from 1.4248 is not over yet. Break of 1.3356 will resume the fall from 1.3748 to retest 1.3158 low. On the upside, though, above 1.3523 minor resistance will dampen this bearish case and turn bias back to the upside for retesting 1.3748.

In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, up trend from 1.1409 (2020 low) is still in progress. On resumption, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Nevertheless sustained break of 1.3164 will argue that whole rise from 1.1409 has completed and bring deeper fall to 61.8% retracement at 1.2493.

Daily Pivots: (S1) 1.3628; (P) 1.3703; (R1) 1.3752; More….

Outlook in GBP/USD remains unchanged as intraday bias stays on the downside. Fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, would target 1.3482 key support. On the upside, break of 1.3908 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside even in case of recovery.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

GBP/USD stayed in consolidation below 1.4248 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, sustained break of 1.4240 resistance will resume larger up trend from 1.1409, for 1.4376 key resistance next. On the downside, however, firm break of 1.4072 support will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support first.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

In the longer term picture, a long term bottom should be in place at 1.1409, on bullish convergence condition in monthly MACD. Rise from there would target 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Reaction from there would reveal whether rise from 1.1409 is just a correction, or developing into a long term up trend.

Daily Pivots: (S1) 1.1866; (P) 1.1950; (R1) 1.2036; More…

Intraday bias in GBP/USD stays neutral at this point. Focus remains on 1.2055 minor resistance. Firm break there will confirm short term bottoming at 1.1759. Bias will be turned back to the upside for 1.2405 resistance next. On the downside, below 1.1759 will resume larger down trend to 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671.

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 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.3065).

Daily Pivots: (S1) 1.2866; (P) 1.2910; (R1) 1.2982; More…..

Intraday bias in GBP/USD remains neutral for the moment. Further decline is expected with 1.3007 resistance intact. On the downside, sustained break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201. However, break of 1.3007 resistance will suggest that decline from 1.3482 is merely a corrective move, and turn bias back to the upside for retesting 1.3482.

In the bigger picture, while the rebound from 1.1409 was strong, it’s limited by both 1.3514 resistance, as well as 55 month EMA (now at 1.3317). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2749) will add to medium term bearishness for a new low below 1.1409 at a later stage, resuming the down trend from 2.1161 (2007 high).

Daily Pivots: (S1) 1.3878; (P) 1.3944; (R1) 1.3991; More….

Intraday bias in GBP/USD stays on the downside for the moment. Current fall from 1.4248 is seen as the third leg of the consolidation pattern from 1.4240. Deeper decline would be seen to 1.3668/3800 support zone. On the upside, above 1.4007 minor resistance will turn intraday bias neutral and bring recovery first, before staging another decline.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.