Daily Pivots: (S1) 1.2289; (P) 1.2363; (R1) 1.2411; More….

At this point, further decline is expected in GBP/USD despite today’s recovery. Decisive break of 1.2065 support will confirmation completion of whole rebound from 1.1409. Deeper decline would then be seen to retest 1.1409 low. However, on the upside, break of 1.2542 will argue that the fall from 1.2813 might be completed. Intraday bias will be turned back to the upside for 1.2587/2813 resistance zone.

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) 1.3884; (P) 1.3924; (R1) 1.3987; More….

Intraday bias in GBP/USD stays neutral with focus now on 4 hour 55 EMA (now at 1.3983). Sustained break above this EMA will suggest that correction from 1.4248 has completed at 1.3785 already. Intraday bias will be turned back to the upside, for stronger rise back to retest 1.4248. On the downside, below 1.3859 minor support will resume the correction to 1.3668 support and below.

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’s rise from 1.1409 resumed last week and hit as high as 1.2731. Initial bias remains on the upside this week. Next target is 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. Sustained break there will target 100% projection at 1.3303. On the downside, below 1.2500 minor support will turn intraday bias neutral first.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence 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.

In the longer term picture, long term outlook remains clearly bearish, as it’s held well below long term falling trend line that started back at 2116 (2007 high). Prior rejections by 55 month EMA also affirmed bearishness. Further fall is expected as long as 1.3514 resistance holds.

Daily Pivots: (S1) 1.4151; (P) 1.4187; (R1) 1.4214; More….

GBP/USD lost momentum after hitting 1.4222, ahead of 1.4243 resistance, as seen in 4 hour MACD. Intraday bias is turned neutral first. Another rise is expected as long as 1.3964 support holds. Above 1.4222/43 will target 1.4345 high. Firm break of 1.4345 will resume medium term rally and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next.

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.

Daily Pivots: (S1) 1.3964; (P) 1.4015; (R1) 1.4048; More….

GBP/USD’s rally resumed after brief retreat and reaches as high as 1.4169 so far. The break of 1.4144 resistance should confirm our bullish view that correction from 1.4345 has completed at 1.3711 already. Intraday bias is now on the upside for 1.4345 high next. Break will resume larger up trend to 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 first. On the downside, break of 1.3982 support is needed to signal completion of the rise from 1.3711. Otherwise, outlook will remain cautiously bullish in case of retreat.

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.

GBP/USD dropped slightly last week as consolidation from 1.3012 extended. Initial bias remains neutral first and deeper fall 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 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 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.

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) 1.4014; (P) 1.4046; (R1) 1.4074; More….

Intraday bias in GBP/USD remains neutral as it’s bounded in right range above 1.4008 temporary low. On the downside, firm break of 1.3982 will indicate completion of the rise from 1.3711. In that case, intraday bias will be turned back to the downside for retesting 1.3711. Nonetheless, strong rebound from 1.3982, followed by break of 1.4243 will target 1.4345 resistance. Decisive break there will resume larger up trend and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next

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) 1.2247; (P) 1.2318; (R1) 1.2452; More

Intraday bias in GBP/USD remains on the upside as rise from 1.2036 is in progress. Further rally should be seen to 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Sustained break there will pave the way to 61.8% retracement at 1.2783. On the downside, below 1.2309 minor support will turn intraday bias neutral first.

In the bigger picture, the strong rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 argues that price action from 1.3141 are merely a correction to rise from 1.0351 (2022 low). Current rally from 1.2036 is tentatively seen as the second leg of the pattern. Hence, while further rally is in favor, upside should be limited by 1.3141 to start the third leg.

Daily Pivots: (S1) 1.2165; (P) 1.2184; (R1) 1.2205; More….

Intraday bias in GBP/USD remains neutral despite current recovery. Focus is back on 1.2296 resistance. Firm break there should come with sustained trading above 4 hour 55 EMA. That would indicate completion of the choppy fall from 1.2642, and argue that rebound from 1.1409 is not completed. Intraday bias will be turned back to 1.2647 resistance. However, as long as 1.2296 resistance holds, another fall will remain mildly in favor. Break of 1.2065 will target a test on 1.1409 low.

In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.

GBP/USD recovered to 1.4000 last week but failed to sustained above 4 hour 55 EMA and retreated. Initial bias remains neutral this week first. On the downside, break of 1.3859 minor support will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, to 1.3668 support and possibly below. On the upside, break of 1.4000 will turn bias back to the upside for retesting 1.4240/8 resistance zone instead.

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.

GBP/USD’s down trend accelerated to as low as 1.0837 last week and there is no sign of bottoming yet. Break of the near term channel support indicates downside acceleration. Next target is 1.0675 long term projection level, and then 100% projection of 1.3748 to 1.1759 from 1.2292 at 1.0303. On the upside, above 1.1095 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. Firm break there will target parity. This will remain the favored case for now as long as 1.2292 resistance holds.

In the longer term picture, long term down trend from 2.1161 (2007) high is still in progress. Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532.

Daily Pivots: (S1) 1.3797; (P) 1.3835; (R1) 1.3871; More….

GBP/USD’s break of 1.3785 support suggests resumption of 1.4248. Intraday bias is back on the downside. Such decline is seen as the third leg of the consolidation pattern from 1.4240, and should target 1.3668 support and possibly below. On the upside, break of 1.4000 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay mildly bearish 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.

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.

GBP/USD edged lower to 1.2065 last week but recovered since then. Initial bias stays neutral this week first and some more consolidative trading could be seen. But outlook stays bearish as long as 1.2467 resistance holds. Rebound form 1.1409 should have completed. On the downside, break of 1.2065 will pave the way to retest 1.1409 low. Nevertheless, on the upside, break of 1.2467 will turn bias to the upside for 1.2647 resistance.

In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.

In the longer term picture, long term outlook remains clearly bearish, as it’s held well below long term falling trend line that started back at 2116 (2007 high). Rejection by 55 month EMA also affirmed bearishness. Break of 1.1946 will target 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273.

Daily Pivots: (S1) 1.2592; (P) 1.2664; (R1) 1.2709; More…

GBP/USD recovered quickly after brief breach of 1.2611 support and intraday bias remains neutral. On the downside, firm break of 1.2611 will resume the decline from 1.2826 to 1.2499 support. Nevertheless, strong rebound from current level will retain near term bullishness. Decisive break of 1.2826 will resume whole rally from 1.2036.

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.

GBP/USD’s rebound from 1.3048 extended higher to 1.3289 last week. The support from 4 hour 55 EMA argues that’s 1.3048 is a short term bottom and rebound from there would be stronger than originally expected. Initial bias is on the upside this week for 1.3314 resistance first. Break will target 1.3471 resistance next. We’ll expect strong resistance from 1.3471 to limit upside. On the downside, though, below 1.3200 minor support will turn bias to the downside for retesting 1.3048 low.

In the bigger picture, whole medium term rebound from 1.1936 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4179). Fall from 1.4376 should extend to 61.8% retracement of 1.1936 (2016 low) to 1.4376 at 1.2874 next. We’ll pay attention to the reaction from there to asses the chance of long term down trend resumption. On the upside, sustained break of 38.2% retracement of 1.4376 to 1.3048 at 1.3555 is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

In the longer term picture, rise from 1.1946 (2016 low) is viewed as a corrective move, no change in this view. Rejection from 55 month EMA argues that it might be completed already. Larger down trend from 2.1161 (2007 high) could extend to a new low. This will now be the preferred case as long as 1.4376 resistance holds.

Daily Pivots: (S1) 1.4156; (P) 1.4200; (R1) 1.4273; More….

Intraday bias in GBP/USD remains on the upside. Rise from 1.3711 is in progress to retest 1.4345 high first. Decisive break there will resume larger up trend and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, break of 1.4075 support is needed to indicate completion of the rebound from 1.3711. Otherwise, outlook will stay cautiously bullish even in case of retreat.

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) 1.3746; (P) 1.3845; (R1) 1.3899; More….

Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.4248 is seen as the third leg of the consolidation pattern from 1.4240. Deeper fall would be seen to 1.3668 support and below. On the upside, above 1.3909 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.

Daily Pivots: (S1) 1.2605; (P) 1.2704; (R1) 1.2757; More…

GBP/USD’s steep decline and break of 1.2666 support indicates resumption of fall from 1.2892. Intraday bias is back on the downside for 1.2517 structural support next. Decisive break there will indicate larger bearish reversal. For now, risk will remain on the downside as long as 1.2802 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 is still 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’s recovery from 1.2065 extended higher last week and initial stays on the upside this week. Current developments argues that rebound from 1.1409 is possibly still in progress. Further rally would be seen to 1.2647 and break will target 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, however, below 1.2204 minor support will turn bias back to the downside for 1.2065 instead.

In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.

In the longer term picture, long term outlook remains clearly bearish, as it’s held well below long term falling trend line that started back at 2116 (2007 high). Rejection by 55 month EMA also affirmed bearishness. Break of 1.1946 will target 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273.