GBP/USD’s rise from 1.37111 resumed last week and reached as high as 1.4295. Initial bias stays on the upside this week for 1.4345 high first. Firm break there will resume medium term rally and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, below 1.4220 minor support will turn intraday bias neutral again. But retreat should be contained well above 1.3964 support to bring another rally.

In the bigger picture, as long as 1.3651 resistance turned support holds, medium term outlook in GBP/USD will remain bullish. Rise from 1.1946 is at least correcting the long term down trend 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 1.4267) so far. Break of 1.3651 will be the first sign of medium term reversal and turn focus to 1.3038 support for confirmation.

In the longer term picture, rise from 1.1946 should at least be correcting the whole long term down trend from 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.

Daily Pivots: (S1) 1.3224; (P) 1.3318; (R1) 1.3390; More…

Intraday bias in GBP/USD remains on the downside at this point. Sustained break of 55 day EMA (now at 1.3181) should confirm another rejection by 1.3514 key resistance. Deeper decline would be seen back to 1.2675 support next. On the upside, above 1.3324 minor resistance will turn intraday bias neutral first.

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) 1.3124; (P) 1.3150; (R1) 1.3193; More….

Intraday bias in GBP/USD remains neutral at this point. Consolidation from 1.3026 is still in progress. In case of stronger rise, 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.

Daily Pivots: (S1) 1.3000; (P) 1.3034; (R1) 1.3063; More….

Range trading continues in GBP/USD and intraday bias remains neutral first. With 1.2982 support intact, further rise is mildly in favor. On the upside, break of 1.3185 will target 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303. However, break of 1.2982 support should confirm short term topping. Intraday bias will be turned back to the downside for 1.2813 resistance turned support.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend 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) 1.2986; (P) 1.3033; (R1) 1.3084; More…

Intraday bias in GBP/USD remains on the downside for the moment. Current down trend from 1.4248 is in progress. Next target is 61.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2900. On the upside, break of 1.3165 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rise 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 confirm completion of the fall from 1.4248, or outlook will stay bearish.

Daily Pivots: (S1) 1.3406; (P) 1.3460; (R1) 1.3511; More….

GBP/USD dips lower today as pull back from 1.3651 extends. But there is no change in the bullish outlook. We’d continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

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) 1.2397; (P) 1.2436; (R1) 1.2478; More…

Range trading continues in GBP/USD and intraday bias stays neutral for the moment. Another rise is in favor with 1.2343 support intact. On the upside, above 1.2545 will target 1.2759 fibonacci level first. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. However, considering bearish divergence condition in 4H MACD, firm break of 1.2343 will confirm short term topping, and turn bias back to the downside for deeper pullback.

In the bigger picture, the rise from 1.0351 medium term term bottom (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. Sustained break there will add to the case of long term bullish trend reversal. Further break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt upside acceleration to 100% projection at 1.3895. For now, this will remain the favored case as long as 1.1801 support holds, even in case of deep pull back.

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.

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.

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 dipped to 1.3011 last week but quickly recovered. Initial bias is turned neutral this week first and overall outlook is unchanged. Price actions from 1.2661 are seen as a corrective move. In case of another rise, upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually. On the downside, below 1.3011 will target 1.2921 support first. Break will target 1.2661/2784 support zone. However, sustained break of 1.3316 would pave the way to next fibonacci level at 1.3721.

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.

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.

Daily Pivots: (S1) 1.3569; (P) 1.3616; (R1) 1.3644; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. While deeper fall cannot be ruled out, downside of retreat should be contained by 1.3489 support to bring another rally. As noted before, corrective fall from 1.4282 should have completed with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Above 1.3748 will target 1.3833 first. Sustained break of 1.3833 will pave the way back to retest 1.4248 high.

In the bigger picture, strong support was seen from 38.2% retracement of 1.1409 to 1.4248 at 1.3164. The development suggests that 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) 1.3763; (P) 1.3789; (R1) 1.3824; More….

GBP/USD recovers mildly today but it’s considered staying in consolidation from 1.3711 temporary low. 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) 1.2052; (P) 1.2077; (R1) 1.2102; More…

Intraday bias in GBP/USD is turned neutral with current recovery and some more consolidations could be seen. But outlook will stay bearish as long as 1.2270 resistance holds. Break of 1.2026 will resume the fall from 1.3141. Sustained trading below 1.2075 fibonacci level would carry larger bearish implication, and target 1.1801 support next. On the upside, firm break of 1.2270 resistance will indicate short term bottoming, and turn bias back to the upside.

In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2486) holds, in case of rebound.

Daily Pivots: (S1) 1.2119; (P) 1.2183; (R1) 1.2277; More…

Intraday bias in GBP/USD stays mildly on the upside with 1.2086 minor support intact. Current rise from 1.1840 would target a test on 1.2445 high. Decisive break there will resume whole rally from 1.0351 to 1.2759 fibonacci level. On the downside, break of 1.2086 minor support will turn intraday bias neutral first. Further break of 1.1840 will resume the correction from 1.2445 to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

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.

GBP/USD’s correction from 1.4240 extended to as low as 1.3777 last week. Initial bias stays on the downside this week for 38.2% retracement of 1.2675 to 1.4240 at 1.3642. On the upside, break of 1.4016 minor resistance will argue that the correction has completed, and bring retest of 1.4240 high.

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. Decisive break there will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

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) 1.2829; (P) 1.2846; (R1) 1.2871; More….

No change in GBP/USD’s outlook as consolidation from 1.3012 is extending. Deeper decline cannot be ruled out but 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.

Daily Pivots: (S1) 1.2718; (P) 1.2765; (R1) 1.2831; More…

Intraday bias in GBP/USD remains neutral for the moment. On the downside, sustained break of 1.2661 low will resume larger down trend from 1.4376. Next target will be 1.1946. On the upside, break of 1.2927 will extend the consolidation from 1.26661 with another rise. But even in case of strong rebound, upside should be limited by 1.3316 fibonacci level to bring down trend resumption eventually.

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) 1.3220; (P) 1.3253; (R1) 1.3279; More…

GBP/USD’s decline resumed after brief consolidation. Break of 1.3203 low confirms resumption of whole fall from 1.4376. Intraday bias is back on the downside. Sustained break of 50% retracement of 1.1946 to 1.4376 at 1.3161 will pave the way to 61.8% retracement at 1.2875 next. On the upside, break of 1.3471 resistance is now needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 1.4182). 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 1.3540) holds, even in case of strong rebound.

GBP/USD’s corrective fall from 1.3514 extended to as low as 1.2725 last week, and touched 50% retracement of 1.1958 to 1.3514 at 1.2736. Further fall is expected this week as long as 1.3018 resistance holds. Next target is 61.8% retracement at 1.2552. We’d look for strong support from there to bring rebound.

In the bigger picture, current decline from 1.3514 is seen as corrective the rally form 1.1958. Such rally is expected to resume latter to 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. However, sustained break of 1.2582 resistance turned support will dampen these views and bring retest of 1.1958 low instead.

In the longer term picture, it’s still unsure whether long term down trend from 2.1161 (2007 high) has completed at 1.1946 already. Focus is immediately on 55 month EMA (now at 1.3489) and sustained break will be the first serious sign of long term reversal. Further break of trend line resistance (now at 1.3922) will be another signal. Focus would then be turned to 1.4376 key resistance for confirmation.

Daily Pivots: (S1) 1.2122; (P) 1.2162; (R1) 1.2221; More…

GBP/USD’s rise from 1.1801 resumed today and intraday bias is back on the upside. Further rally should be seen to retest 1.2445/6 resistance zone. As noted before, corrective pattern from 1.2445 could have completed with three waves to 1.1801 already. Firm break of 1.2445/6 will resume larger rise from 1.0351, and target 1.2759 fibonacci level. For now, outlook will stay cautiously bullish as long as 1.2009 support holds, in case of retreat.

In the bigger picture, price action from 1.2445 are seen as a corrective pattern to rise from 1.0351 medium term bottom (2022 low). Resumption is expected as a later stage and firm break of 1.2446 will target 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. This will remain the favored case as long as 38.2% retracement of 1.0351 to 1.2445 at 1.1645 holds.

Daily Pivots: (S1) 1.3011; (P) 1.3037; (R1) 1.3074; More…

GBP/USD is staying in consolidation pattern from 1.3514 and intraday bias remains neutral first. With 1.3209 resistance intact, another fall is mildly in favor through 1.2872 at a later stage. Nevertheless, firm break of 1.3209 will turn bias to the upside for retesting 1.3514 instead.

In the bigger picture, rise from 1.1958 medium term bottom is not completed yet despite current pull back form 1.3514. Such rally is expected to resume later to 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. In any case, for now, outlook will stay bullish as long as 1.2582 resistance turned support holds.