Sun, May 31, 2020 @ 20:36 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3193; (P) 1.3245; (R1) 1.3334; More

GBP/USD rises to as high as 1.3327 so far as recent rally continues. Intraday bias remains on the upside for 1.3444 key resistance next. At this point, we’d maintain that price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside below, 1.3224 minor support will turn intraday bias neutral again. However, firm break of 1.3444 will carry larger bullish implication and target 1.3835/5016 resistance first zone first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2773 support will be the first sign that such down trend is resuming. However, considering bullish convergence condition in monthly MACD, firm break of 1.3444 will argue that whole down trend from 2.1161 (2007) has completed. And stronger rise would be seen back to 38.2% retracement of 2.1161 to 1.1946 at 1.5466.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3141; (P) 1.3182; (R1) 1.3203; More

GBP/USD’s rally resumed quickly after brief consolidations. Break of 1.3267 resistance also confirms resumption of whole rise from 1.1946. Intraday bias is back on the upside for 1.3444 key resistance next. At this point, we’d maintain that price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside below, 1.3158 minor support will turn intraday bias neutral again.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2773 support will be the first sign that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3141; (P) 1.3182; (R1) 1.3203; More

A temporary top is in place at 1.3223 in GBP/USD and intraday bias is turned neutral first. Further rally is expected as long as 1.3032 support holds. Above 1.3223 will target 1.3267 first. Break will resume whole rise from 1.1946 and target 1.3444 key resistance next. But again, price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, break of 1.3032 will indicate near term reversal and turn bias back to the downside for 1.2773 support instead.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2773 support will be the first sign that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3113; (P) 1.3168; (R1) 1.3245; More

Intraday bias in GBP/USD remains on the upside and rise from 1.2773 should target 1.3267 resistance first. Break there will resume whole rise from 1.1946 and target 1.3444 key resistance next. But again, price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3123 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2773 support will be the first sign that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3113; (P) 1.3168; (R1) 1.3245; More

Intraday bias in GBP/USD remain son the upside for 1.3267 resistance. Break there will resume whole rise from 1.1946 and target 1.3444 key resistance next. But again, price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3114 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2773 support will be the first sign that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Weekly Outlook

GBP/USD’s strong rally last week now suggests that medium term rise from 1.1946 is still in progress. Initial bias stays on the upside this week for 1.3267 resistance first. Break will confirm this case and target 1.3444 key resistance next. But again, price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3114 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2773 support will be the first sign that such down trend is resuming.

In the longer term picture, no change in the view that down trend from 2.1161 (2007 high) is still in progress. On resumption, such decline would extend deeper to 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. However, firm break of 1.3444 should confirm reversal and turn outlook bullish.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

GBP/USD Weekly Chart

GBP/USD Monthly Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3049; (P) 1.3082; (R1) 1.3132; More

GBP/USD rises further to as high as 1.3223 so far and intraday bias remains on the upside for 1.3267 resistance. Break there will extend larger rally from 1.1946 to 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3114 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3049; (P) 1.3082; (R1) 1.3132; More

GBP/USD’s rise from 1.2773 is still in progress and intraday bias stays on the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3018 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3013; (P) 1.3047; (R1) 1.3077; More

GBP/USD’s rebound from 1.2773 extends to as high as 1.3103 so far today. Intraday bias remains on the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3018 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3013; (P) 1.3047; (R1) 1.3077; More

GBP/USD’s rebound from 1.2773 is still in progress and intraday bias remains on the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.2908 minor support will turn bias back to the downside for 1.2773.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2945; (P) 1.2993; (R1) 1.3079; More

Intraday bias in GBP/USD remains on the upside for 1.3267. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.2908 minor support will turn bias back to the downside for 1.2773.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2945; (P) 1.2993; (R1) 1.3079; More

The break of 1.3030 minor resistance argues that pull back from 1.3267 has completed at 1.2773 already. Intraday bias is turned back to the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.2908 minor support will turn bias back to the downside for 1.2773.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2904; (P) 1.2934; (R1) 1.2957; More

GBP/USD is supported by 4 hour 55 EMA and recovered. But it’s staying well below 1.3030 resistance. Intraday bias remains neutral with bearish outlook. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2852 minor support will turn intraday bias back to the downside for 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2904; (P) 1.2934; (R1) 1.2957; More

Intraday bias in GBP/USD remains neutral for the moment. Outlook stays bearish with 1.3030 resistance intact. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2852 minor support will turn intraday bias back to the downside for 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2905; (P) 1.2950; (R1) 1.2996; More

Intraday bias in GBP/USD remains neutral for the moment. Outlook stays bearish with 1.3030 resistance intact. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2852 minor support will turn intraday bias back to the downside for 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Weekly Outlook

GBP/USD’s corrective rise from 1.2773 extended higher last week but stayed below 1.3030 resistance. Outlook remains unchanged and initial bias remains neutral first. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2852 minor support will turn intraday bias back to the downside for 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

In the longer term picture, no change in the view that down trend from 2.1161 (2007 high) is still in progress. On resumption, such decline would extend deeper to 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. However, firm break of 1.3444 should confirm reversal and turn outlook bullish.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

GBP/USD Weekly Chart

GBP/USD Monthly Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2877; (P) 1.2906; (R1) 1.2960; More

GBP/USD’s rebound from 1.2773 extend today but it’s staying below 1.3030 resistance. Intraday bias remains neutral with bearish near term outlook. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2852 will turn intraday bias back to the downside for 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2877; (P) 1.2906; (R1) 1.2960; More

GBP/USD is staying in consolidation from 1.2773 and intraday bias remains neutral for the moment. With 1.3030 resistance intact, there is no change in the bearish outlook. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2773 will target 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2888; (P) 1.2912; (R1) 1.2947; More

While consolidation from 1.2773 is still in progress, there is no change in the bearish outlook in GBP/USD. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2773 will target 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2888; (P) 1.2912; (R1) 1.2947; More

Intraday bias in GBP/USD remains neutral as consolidation from 1.2773 is unfolding. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2773 will target 1.2588 key near term support first. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. Though, break of 1.3030 will dampen this bearish view and turn bias back to the upside for retesting 1.3267.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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