Daily Pivots: (S1) 1.2794; (P) 1.2861; (R1) 1.2898; More….

GBP/USD is staying in consolidation from 1.3012 and intraday bias remains neutral first. For now, downside attempt should be contained by 1.2768 support. On the upside, break of 1.3012 will resume whole rally from 1.1958. However, break of 1.2768 will bring deeper fall back to 1.2582 resistance turned support.

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) 1.3944; (P) 1.3969; (R1) 1.4020 More….

Intraday bias in GBP/USD remains for the moment. Break of 1.3777 will extend the correction from 1.4240. But in that case, downside should be contained by 38.2% retracement of 1.2675 to 1.4240 at 1.3642 to bring rebound. On the upside, break of 1.4016 will argue that the correction from 1.4240 has completed. Further rise should be seen to retest 1.4240 first.

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.

Daily Pivots: (S1) 1.2228; (P) 1.2269; (R1) 1.2329; More….

With 1.2208 minor support intact, GBP/USD’s recovery from 1.2014 might still extend higher. But upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536 to bring down trend resumption. On the downside, break of 1.2208 minor support will turn bias back to the downside for 1.2014 and then 1.1946 low.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break 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. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

GBP/USD dipped to 1.4082 last week but drew support from 1.4090 and recovered. Initial bias remains neutral this week first. Further rise is still expected as long as 1.4090 holds. On the upside, sustained break of 1.4240 will resume larger up trend from 1.1409, for 1.4376 key resistance next. On the downside, however, firm break of 1.4082 will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support first.

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.

Daily Pivots: (S1) 1.3586; (P) 1.3611; (R1) 1.3661; More…

Intraday bias in GBP/USD remains on the upside at this point. 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. Further rally should be seen to 1.3833 resistance next. On the downside, below 1.3531 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 55 day EMA (now at 1.3468) holds.

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) 1.2499; (P) 1.2550; (R1) 1.2598; More…

GBP/USD’s down trend is in progress and intraday bias stays on the downside for 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258. On the upside, above 1.2601 minor resistance will turn intraday bias neutral and bring consolidation first. Upside of recovery should be limited below 1.2999 support turned resistance to bring another fall.

In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248, ahead of 1.4376 long term resistance (2018 high). Based on current momentum, fall from 1.4248 is probably the start of a long term down trend. The break of 61.8% retracement of 2.1161 to 1.1409 at 1.2493 is affirming this bearish case too. For now, deeper decline would be seen as long as 1.3158 support turned resistance holds. Next target is 1.1409 low.

Daily Pivots: (S1) 1.2840; (P) 1.2872; (R1) 1.2935; More…

GBP/USD’s recovery from 1.2796 continues today but stays below 1.2963 minor resistance. Intraday bias remains neutral at this point. On the downside, below 1.2796 will resume the fall from 1.3141 to 55 D EMA (now at 1.2703) and possibly below. On the upside, break of 1.2963 minor resistance will turn bias back to the upside retest 1.3141 high instead.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal.

Daily Pivots: (S1) 1.2441; (P) 1.2485; (R1) 1.2514; More….

Intraday bias in GBP/USD remains neutral for the moment. On the upside, firm break of 1.2542 resistance will suggest completion of the pullback from 1.2813. Intraday bias will be turned back to the upside to retest 1.2813 and break will resume the whole rise from 1.1409. On the downside, break of 1.2251 will resume the decline to 1.2065 key near term support instead.

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) 1.3289; (P) 1.3346; (R1) 1.3409; More….

Intraday bias in GBP/USD remains neutral as consolidation from 1.3482 is still extending. As long as 1.3053 support holds, near term outlook will remain bullish for another rally. On the upside, break of 1.3482 will target 1.3514 key resistance next. Though, firm break of 1.3053 will confirm short term topping and bring deeper correction to 55 day EMA (now at 1.2943) and below.

In the bigger picture, immediate focus is now on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.

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) 1.3333; (P) 1.3379; (R1) 1.3416; More…

Intraday bias in GBP/USD remains neutral with focus on 1.3341 support. Break will confirm completion of the corrective rise from 1.3203. Intraday bias would be turn to the downside. And fall from 1.4376 should resume through 1.3203 to 50% retracement of 1.1946 to 1.4376 at 1.3161 first, and 61.8% retracement at 1.2875 next. In case of another rally, upside should be limited by 1.3617 resistance to bring reversal.

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 1.4223). 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 1.3617 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.2441; (P) 1.2476; (R1) 1.2506; More…

No change in GBP/USD’s outlook as consolidation continues above 1.2443 temporary low. Stronger recovery cannot be ruled out. But upside should be limited by 1.2618 support turned resistance. Below 1.2443 will resume the fall from 1.3141 to 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.

Daily Pivots: (S1) 1.2721; (P) 1.2753; (R1) 1.2787; More…

Intraday bias in GBP/USD remains neutral as it’s still bounded in range below 1.2826. More sideway trading could be seen. On the upside, decisive break of 1.2826 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) 1.3075; (P) 1.3152; (R1) 1.3196; More…

GBP/USD recovered after drawing support from 1.3118 and intraday bias remains neutral first. Another rise remains in favor. On the upside, break of 1.3313 will extend the rebound from 1.2675 to retest 1.3482 high. However, on the downside, firm break of 1.3118 minor support support will turn bias back to the downside for 1.2853 support instead.

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 1.3307). 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) 1.2237; (P) 1.2313; (R1) 1.2375; More….

Intraday bias in GBP/USD remains on the downside. Fall from 1.2813 should target 1.2065 support. 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. On the upside, above 1.2389 minor resistance will turn intraday bias neutral first. But further fall will remain in favor as long as 1.2542 resistance holds.

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) 1.1206; (P) 1.1350; (R1) 1.1473; More…

Intraday bias in GBP/USD remains neutral for the moment. On the downside, break of 1.1023 minor support will indicate that rebound from 1.0351 is over. Intraday bias will be back on the downside for retesting 1.0351. On the upside, firm break of 61.8% retracement of 1.2292 to 1.0351 at 1.1551 will pave the way to 1.2292 resistance.

In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.

Daily Pivots: (S1) 1.2242; (P) 1.2380; (R1) 1.2459; More…

GBP/USD accelerates lower today and intraday bias remains on the downside. Decisive break of 1.2154 low will will resume larger down trend. Next target is 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960. Break there will target 100% projection at 1.1523 next. On the upside, above 1.2310 minor resistance will delay the bearish case, and turn intraday bias neutral first.

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. On resumption, next target is 1.1409 low.

Daily Pivots: (S1) 1.3371; (P) 1.3422; (R1) 1.3470; More…

GBP/USD is losing upside momentum as seen in 4 hour MACD. But overall outlook is unchanged. Corrective rise from 1.3203 could still extend higher. But upside should be limited by 1.3617 resistance to bring reversal. On the downside, break of 1.3347 minor support will likely resume the fall from 1.47376 through 1.3203 for 50% retracement of 1.1946 to 1.4376 at 1.3161 first, and 61.8% retracement at 1.2875 next.

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 1.4223). 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 1.3648) holds, even in case of strong rebound.

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) 1.2928; (P) 1.3003; (R1) 1.3047; More…

GBP/USD’s break of 1.2951 support now suggests that rebound from 1.2692 has already completed at 1.3174 already. Intraday bias is turned back to the downside for 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. On the upside, in case of another rise, strong resistance should be seen at 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. Overall, price actions from 1.2661 are seen as a consolidation pattern. Fall from 1.4376 will resume after such consolidation completes.

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.