Daily Pivots: (S1) 1.2276; (P) 1.2307; (R1) 1.2344; More

Intraday bias in GBP/USD is turned neutral first with current retreat. On the upside, firm break of near term channel resistance (now at 1.2334) will target 38.2% retracement of 1.3141 to 1.2036 at 1.2458 next. Nevertheless, break of 1.2210 minor support indicate rejection by falling trendline resistance, and bring retest of 1.2036 low.

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 1.2440) holds, in case of rebound.

Daily Pivots: (S1) 1.2455; (P) 1.2507; (R1) 1.2577; More….

GBP/USD retreats after brief rally to 1.2582 and intraday bias is turned neutral for some more consolidations first. Further rise is still expected as long as 1.2309 support turned resistance holds. Sustained break of 38.2% retracement of 1.3381 to 1.1958 at 1.2502 will pave the way to 61.8% retracement at 1.2837. However, break of 1.2309 will turn bias back to the downside or retesting 1.1958 low.

In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2769) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

GBP/USD rebounded further to 1.2708 last week but retreated since then. Initial bias remains neutral this week first. On the upside, break of 1.2708 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed 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 could be still in progress. But 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.

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) 1.3014; (P) 1.3135; (R1) 1.3210; More….

GBP/USD is staying in range of 1.3005/3267 and intraday bias remains neutral first. Further rise is mildly in favor as long as 1.3005 support holds. Firm break of 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 will pave the way to 1.3514 structural resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 1.3006 should confirm short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2827).

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) 1.4096; (P) 1.4136; (R1) 1.4160; More…

Intraday bias in GBP/USD remains neutral first. On the downside, firm break of 1.4098 support will suggest rejection by 1.4240 resistance. Consolidation from 1.4240 would be then starting another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support first. On the upside, decisive break of 1.4240 will resume larger up trend for 1.4376 key resistance next.

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) 1.2577; (P) 1.2604; (R1) 1.2623; More…

No change in GBP/USD’s outlook as range trading continues. Intraday bias stays neutral at this point. On the upside, break of 1.2691 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed 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 could be still in progress. But 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) 1.2785; (P) 1.2826; (R1) 1.2903; More…

GBP/USD’s break of 1.2847 resistance should confirm resumption of rally from 1.0351. Intraday bias is back on the upside. Next target is 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, break of 1.2749 minor support will turn intraday bias neutral again. But outlook will stay bullish as long as 1.2589 support holds, in case of retreat.

In the bigger picture, the strong support from 55 W EMA (now at 1.2341) 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) 1.2839; (P) 1.2889; (R1) 1.2922; More…

GBP/USD’s firm break of 1.2844 support now suggests that corrective rebound from 1.2661 has completed at 1.3042. Intraday bias is turned back to the downside for retesting 1.2661 first. Decisive break there will resume larger down trend from 1.4376. On the upside, above 1.2932 minor resistance will extend the correction from 1.2661 with another rise, possibly through 1.3042 resistance. But in that case, upside should be limited by 1.3316 fibonacci level to finish the rebound and bring near term reversal.

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 1.4099). 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) 1.3539; (P) 1.3618; (R1) 1.3665; More…

Sideway consolidation continues in GBP/USD and intraday bias stays neutral for the moment. With 1.3428 support intact, further rise is still in favor. On the upside, firm break of 1.3702 will resume larger up rise form 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. However, break of 1.3428 support will turn bias to the downside, for deeper correction to 1.3134 support.

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 stays cautiously bullish in case of pullback.

Daily Pivots: (S1) 1.2999; (P) 1.3054; (R1) 1.3125; More….

Intraday bias in GBP/USD remains neutral but focus is back on 1.3170 temporary top with today’s rebound. Break there will resume larger rise from 1.1409 to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, break of 1.2982 minor support turn bias back to the downside for 1.2813 cluster support (38.2% retracement of 1.2251 to 1.3170 at 1.2819).

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) 1.3139; (P) 1.3169; (R1) 1.3230; More…

GBP/USD is staying in consolidation from 1.3313. Intraday bias remains neutral and further rise is mildly in favor. On the upside, break of 1.3313 will target a test on 1.3482 high. However, sustained break of 1.3106 will argue that the rebound from 1.2675 has completed. Intraday bias will be turned back to the downside for 1.2853 support.

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 1.3304). 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) 1.4041; (P) 1.4128; (R1) 1.4181; More….

With 1.3982 minor support intact, further rise is expected in GBP/USD to retest 1.4345. 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. Nonetheless, break of 1.3982 will argue that rebound from 1.3711 has completed. And, intraday bias will be turned back to the downside for 1.3711 support and possibly below, to extend the corrective pattern from 1.4345.

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) 1.2436; (P) 1.2479; (R1) 1.2552; More…

GBP/USD is staying in range below 1.2647 temporary top and intraday bias remains neutral. Further rise is mildly in favor with 1.2164 support intact. Break of 1.2647 will target 61.8% projection of 1.1409 to 1.2485 from 1.2164 at 1.2829. However, break of 1.2164 support will indicate completion of the rebound and turn bias back to the downside for retesting 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.

Daily Pivots: (S1) 1.2681; (P) 1.2708; (R1) 1.2747; More…

Intraday bias in GBP/USD is turned neutral with 4H MACD crossed above signal line. Some consolidations would be seen but deeper decline is in favor as long as 1.2822 resistance holds. On the downside, sustained break of 55 D EMA (now at 1.2677) will target 1.2517 structural support 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 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.

Daily Pivots: (S1) 1.4052; (P) 1.4082; (R1) 1.4127; More…

GBP/USD is staying in consolidation from 1.4165 and intraday bias remains neutral first. Further rise is expected with 1.4008 resistance turned support intact. On the upside, break of 1.4165 will resume the rise from 1.3668 to retest 1.4240 high. On the downside, however, firm break of 1.4008 will delay the bullish case and extend the corrective pattern from 1.4240 with another falling leg.

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) 1.3027; (P) 1.3101; (R1) 1.3144; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. It’s staying in consolidation from 1.3514. On the upside, above 1.3174 will target 1.3284 resistance first. Break will target a test on 1.3514 high. On the downside, below 1.3034 will bring retest of 38.2% retracement of 1.1958 to 1.3514 at 1.2920.

In the bigger picture, rise from 1.1958 medium term bottom is expected to extend higher to retest 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.

Daily Pivots: (S1) 1.3096; (P) 1.3136; (R1) 1.3207; More….

GBP/USD is still bounded in range of 1.3053/3284 and intraday bias remains neutral. On the downside, below 1.3053 will target 1.2905 support. Sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1.2920 will target 61.8% retracement at 1.2552. On the upside, break of 1.3284 will bring retest of 1.3514 high.

In the bigger picture, rise from 1.1958 medium term bottom is expected to extend higher to retest 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.

Daily Pivots: (S1) 1.1823; (P) 1.1895; (R1) 1.1962; More…

GBP/USD’s down trend resumed after brief recovery and intraday bias is back on the downside. Current fall should target 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671. Decisive break there will target a test on 1.1409 long term support. On the upside, above 1.1966 minor resistance will turn intraday bias neutral against and bring more consolidations.

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) 1.2630; (P) 1.2701; (R1) 1.2789; More…

Intraday bias in GBP/USD is mildly on the upside for retesting 1.2826 high. Decisive break there will resume whole rally from 1.2036. Nevertheless, another fall and break of 1.2611 will bring deeper correction to 1.2499 support 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 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) 1.3247; (P) 1.3399; (R1) 1.3524; More…

GBP/USD recovered after hitting 1.3272, but further fall is still expected with 1.3485 support turned resistance intact. Current development suggest larger decline from 1.4240 is still in progress. Firm break of 1.3158 will target 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 next. However, firm break of 1.3485 will dampen this bearish view and turn bias back to the upside for 1.3641 resistance.

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.