GBP/USD’s rebound from 1.2036 resumed last week and hit 1.2504. But subsequent retreat suggests that a temporary was formed. Initial bias remains neutral this week for more consolidations. Deeper retreat cannot be ruled out but downside should be contained by 55 4H EMA (now at 1.2345) to bring rebound. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

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) 1.2375; (P) 1.2416; (R1) 1.2454; More…

GBP/USD is still extending the consolidation from 1.2504 and intraday bias stays neutral at this point. Deeper retreat could be seen, but downside should be contained by 55 4H EMA (now at 1.2341) to bring another rally. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2375; (P) 1.2416; (R1) 1.2454; More…

Intraday bias in GBP/USD remains neutral for the moment. Consolidation from 1.2504 is extending and deeper retreat could be seen. But downside should be contained by 55 4H EMA (now at 1.2334) to bring another rally. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2379; (P) 1.2441; (R1) 1.2477; More…

Intraday bias in GBP/USD stays neutral as consolidation from 1.2504 is extending. Downside should be contained by 55 4H EMA (now at 1.2323) to bring another rally. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2379; (P) 1.2441; (R1) 1.2477; More…

Intraday bias in GBP/USD remains neutral for consolidations below 1.2504 temporary top. Downside should be contained by 55 4H EMA (now at 1.2311) to bring another rally. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2337; (P) 1.2421; (R1) 1.2583; More…

GBP/USD retreat slightly after edging higher to 1.2504 and intraday bias is turned neutral first. Some consolidations could be seen. But downside should be contained well above 1.2185 support to bring another rally. On the upside, break of 1.2504 will resume the whole rebound from 1.2036. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2337; (P) 1.2421; (R1) 1.2583; More…

GBP/USD’s rally extends to as high as 1.2504 so far. Intraday bias remains on the upside at this point. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716. On the downside, below 1.2443 minor support will turn intraday bias neutral and bring retreat. But downside should be contained well above 1.2185 support to bring another rally.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2234; (P) 1.2258; (R1) 1.2302; More…

GBP/USD’s strong rally today and breach of 1.2426 resistance indicates that rise from 1.2036 is resuming. Intraday bias is back on the upside. Decisive break of 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716. For now, further rise will remain in favor as long as 1.2185 support hold, in case of retreat.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.2234; (P) 1.2258; (R1) 1.2302; More…

While GBP/USD’s recovery from 1.2185 is extending, upside is limited below 1.2307 resistance. Intraday bias stays neutral first. Corrective rebound from 1.2036 should have completed with three waves up to 1.2426. Below 1.2185 will bring deeper fall to retest 1.2036/68 support zone next. Firm break there will resume larger down trend from 1.3141. However, firm break of 1.2307 will dampen this view and bring stronger rise back to 1.2426 resistance.

In the bigger picture, rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458, suggests fall from 1.3141 is still in progress. Sustained break of 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will bring deeper decline to 61.8% retracement at 1.1417, even just as a corrective move.

Daily Pivots: (S1) 1.2197; (P) 1.2217; (R1) 1.2248; More…

Intraday bias in GBP/USD is turned neutral with current recovery. But outlook is unchanged that corrective rebound from 1.2036 should have completed with three waves up to 1.2426. Below 1.2185 will bring deeper fall to retest 1.2036/68 support zone next. Firm break there will resume larger down trend from 1.3141. However, firm break of 1.2307 will dampen this view and bring stronger rise back to 1.2426 resistance.

In the bigger picture, rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458, suggests fall from 1.3141 is still in progress. Sustained break of 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will bring deeper decline to 61.8% retracement at 1.1417, even just as a corrective move.

Daily Pivots: (S1) 1.2197; (P) 1.2217; (R1) 1.2248; More…

Intraday bias in GBP/USD remains mildly on the downside at this point. Corrective rebound from 1.2036 should have completed with three waves up to 1.2426. Deeper fall should be seen to retest 1.2036/68 support zone next. Firm break there will resume larger down trend from 1.3141. On the upside, above 1.2307 minor resistance will turn intraday bias neutral first.

In the bigger picture, rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458, suggests fall from 1.3141 is still in progress. Sustained break of 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will bring deeper decline to 61.8% retracement at 1.1417, even just as a corrective move.

GBP/USD reversed after edging higher to 1.2426 last week. The development argues that corrective rebound from 1.2036 has completed with three waves to 1.2426. Initial bias is mildly on the downside this week for retesting 1.2036/68 support zone next. Firm break there will resume larger down trend from 1.3141. On the upside, above 1.2307 minor resistance will turn intraday bias neutral first.

In the bigger picture, rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458, suggests fall from 1.3141 is still in progress. Sustained break of 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will bring deeper decline to 61.8% retracement at 1.1417, even just as a corrective move.

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) 1.2187; (P) 1.2248; (R1) 1.2283; More

Intraday bias in GBP/USD remains on the downside at this point. Corrective rebound from 1.2036 could have completed at 1.2426 already, just ahead of 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Deeper fall would be seen back to retest 1.2036/68 support zone first. However, on the upside, break of 1.2307 minor resistance will dampen this bearish case, and turn intraday bias neutral first.

In the bigger picture, price actions from 1.3141 medium term top are seen as a correction to up trend from 1.3051 (2022 low). Strong rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will argue that it’s a sideway pattern only. However, sustained break of 1.2036 will indicate that it’s a deeper correction that would target 61.8% at 1.1417 before completion.

Daily Pivots: (S1) 1.2187; (P) 1.2248; (R1) 1.2283; More

GBP/USD’s break of 55 4H EMA (now at 1.2246) argues that corrective recovery from 1.2036 has completed with three waves up to 1.2426. That came after rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Intraday bias is back on the downside for retesting 1.2036/68 support zone. Nevertheless, break of 1.2307 minor resistance will dampen this bearish case, and turn intraday bias neutral first.

In the bigger picture, price actions from 1.3141 medium term top are seen as a correction to up trend from 1.3051 (2022 low). Strong rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will argue that it’s a sideway pattern only. However, sustained break of 1.2036 will indicate that it’s a deeper correction that would target 61.8% at 1.1417 before completion.

Daily Pivots: (S1) 1.2250; (P) 1.2277; (R1) 1.2313; More

Intraday bias in GBP/USD stays neutral at this point. Strong rebound from 55 4H EMA (now at 1.2248) will maintain near term bullishness for another rise to 38.2% retracement of 1.3141 to 1.2036 at 1.2458. However, sustained break of 4H 55 EMA will revive near term bearishness and bring retest of 1.2036 low instead.

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) 1.2250; (P) 1.2277; (R1) 1.2313; More

Intraday bias in GBP/USD remains neutral for the moment. Strong rebound from 55 4H EMA (now at 1.2246) will maintain near term bullishness for another rise to 38.2% retracement of 1.3141 to 1.2036 at 1.2458. However, sustained break of 4H 55 EMA will revive near term bearishness and bring retest of 1.2036 low instead.

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) 1.2258; (P) 1.2305; (R1) 1.2348; More

Intraday bias in GBP/USD remains neutral first, with focus on 55 4H EMA (now at 1.2239). Strong rebound from this EMA will maintain near term bullishness for another rise to 38.2% retracement of 1.3141 to 1.2036 at 1.2458. However, sustained break of 4H 55 EMA will revive near term bearishness and bring retest of 1.2036 low instead.

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) 1.2258; (P) 1.2305; (R1) 1.2348; More

Intraday bias in GBP/USD stays neutral at this point. Further rise is in favor as as long as 4H 55 EMA (now at 1.2239) holds. Decisive break of 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2783. However, sustained break of 4H 55 EMA will revive near term bearishness and bring retest of 1.2036 low.

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) 1.2312; (P) 1.2370; (R1) 1.2402; More

Intraday bias in GBP/USD remains neutral for the moment. Further rise is in favor as as long as 4H 55 EMA (now at 1.2230) holds. Decisive break of 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2783. However, sustained break of 4H 55 EMA will revive near term bearishness and bring retest of 1.2036 low.

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) 1.2312; (P) 1.2370; (R1) 1.2402; More

Intraday bias in GBP/USD is turned neutral with current retreat and some consolidations could be seen first. Further rise is in favor as as long as 4H 55 EMA (now at 1.2223) holds. Decisive break of 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2783. However, sustained break of 4H 55 EMA will revive near term bearishness and bring retest of 1.2036 low.

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.