Daily Pivots: (S1) 1.3244; (P) 1.3298; (R1) 1.3362; More….

Intraday bias in GBP/USD remains on the upside at this point. As noted before, whole decline from 1.4376 should have completed at 1.2391. Further rise should be seen to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. Sustained break will pave the way to 1.4376. On the downside, below 1.3233 will turn bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.

Daily Pivots: (S1) 1.2543; (P) 1.2597; (R1) 1.2642; More….

Intraday bias in GBP/USD remains neutral for the moment. On the upside, break of 1.2669 will resume the rebound from 1.2251 to 1.2813 high next. On the downside, though, break of 1.2480 minor support will turn bias to the downside for retesting 1.2251 support.

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) 1.3499; (P) 1.3527; (R1) 1.3564; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. On the upside, break of 1.3627 will resume the rebound to 1.3748 resistance. Firm break there will revive the bullish case that correction from 1.4248 has completed with three waves down to 1.3158. Further rally should then be seen to retest 1.4248 high. On the downside, however, break of 1.3356 will bring retest of 1.3158 low.

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.

Daily Pivots: (S1) 1.2672; (P) 1.2704; (R1) 1.2736; More…

Gold’s rise from 1.2517 resumed by breaking through 1.2708 and intraday bias is back on the upside. Further rally would be seen to 1.2826 resistance first. Firm break there will target 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005 next. For now, further rise will remain in favor as long as 1.2599 support holds, in case of retreat.

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 1.2517 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) 1.2876; (P) 1.2906; (R1) 1.2944; More…

Intraday bias in GBP/USD remains neutral at this point. Rebound from 1.2661 is seen as a corrective move. We’d expect upside to be limited by 1.2956 support turned resistance to bring larger down trend resumption. On the downside, below 1.2811 minor support will turn bias to the downside for retesting 1.2661 low first. However, decisive break of 1.2956 will turn focus to 1.3212 key resistance instead.

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 1.4091). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 1.3212 resistance holds. Retest of 1.1946 should be seen next.

Daily Pivots: (S1) 1.2751; (P) 1.2788; (R1) 1.2829; More…

Intraday bias in GBP/USD remains neutral for the moment. Further rally will remain in favor as long as 55 4H EMA (now at 1.2755) holds. On the upside, above 1.2892 will resume larger rise from 1.2063 and target 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005. However, sustained break of 55 4H EMA will bring deeper fall back towards 55 D EMA (now at 1.2662), and possibly further to 1.2517 structural support.

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) 1.2646; (P) 1.2699; (R1) 1.2739; More…

No change in GBP/USD’s outlook and intraday bias remains neutral. Consolidation from 1.2826 is extending and deeper fall cannot be ruled out. But downside should be contained above 1.2499 support to bring rebound. On the upside, firm break of 1.2774 resistance will suggest that consolidation pattern has completed. Further rise should be seen through 1.2826 to resume the rally from 1.2036. Next target will be 1.3141 high.

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) 1.3762; (P) 1.3803; (R1) 1.3874; More….

Intraday bias in GBP/USD remains neutral for the moment. Another fall could still be seen with 1.4000 resistance intact. Break of 1.3730 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.

GBP/USD’s rebound from 1.3601 extended high last week but stayed below 1.3785 resistance. Initial bias stays neutral this week first. On the upside. Break of 1.3785 will turn bias to the upside for 1.3982 resistance. Firm break there will indicate that fall from 1.4248 has completed and bring retest of this high. On the downside, below 1.3601 will resume the fall from 1.4248 to 1.3482 resistance turned support next.

In the bigger picture, current development argues that rise from 1.1409 (2020 low) has completed at 1.4248, after failing 1.4376 resistance. Fall from there could either be correcting the rise form 1.1409, or starting another falling leg inside long term sideway pattern. In either case, sustained break of 1.3482 resistance turned support will target 38.2% retracement of 1.1409 to 1.4248 at 1.3164 first. Break there will pave the way to 61.8% retracement at 1.2493.

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) 1.3049; (P) 1.3078; (R1) 1.3135; More…

GBP/USD’s rebound form 1.2692 is still in progress and intraday bias stays on the upside for 1.3257/3297 resistance zone. As this rise is seen as the third leg of consolidation pattern from 1.2661, we’d expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 instead.

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.

Daily Pivots: (S1) 1.3819; (P) 1.3872; (R1) 1.3942 More….

With 1.4016 minor resistance intact, correction from 1.4240 could still extend lower to 38.2% retracement of 1.2675 to 1.4240 at 1.3642. We’d look for some support from there to bring rebound. On the upside, break of 1.4016 minor resistance will argue that the correction has completed, and bring retest of 1.4240 high.

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) 1.2237; (P) 1.2293; (R1) 1.2352; More…

Intraday bias in GBP/USD remains on the downside as this point. Current fall from 1.3141 should target 1.2075 fibonacci level. On the upside, above 1.2423 minor resistance will turn intraday bias neutral again. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.

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. However, sustained break of 1.2075 will raise the chance of bearish trend reversal.

Daily Pivots: (S1) 1.3518; (P) 1.3575; (R1) 1.3618; More…

Consolidation continues in GBP/USD and intraday bias remains neutral first. Near term outlook stays bullish with 1.3428 support intact, and further rise is expected. On the upside, break of 1.3702 will resume whole rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Nevertheless, break of 1.3428 support will indicate short term top, and turn bias to the downside for deeper pull back.

In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3332) should confirm medium term bottoming at 1.1409. Rise from there should now extend to 1.4376 resistance and above. This will remain the favored case as long as 1.2675 support holds.

Daily Pivots: (S1) 1.2560; (P) 1.2592; (R1) 1.2634; More…

Intraday bias in GBP/USD remains neutral for the moment and outlook is unchanged. 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) 1.2129; (P) 1.2178; (R1) 1.2215; More….

GBP/USD’s fall from 1.2309 extends further today. Intraday bias remains on the downside for 1.2014 support. Break will resume larger down trend to 1.1946 low next. On the upside, above 1.2174 minor resistance will turn intraday bias neutral again. In case of another rise as consolidation from 1.2014 extends, upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536 to bring down trend resumption eventually.

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.

Daily Pivots: (S1) 1.2811; (P) 1.2895; (R1) 1.2975; More…..

GBP/USD is still bounded in range above 1.2675 and intraday bias remains neutral first. On the upside, firm break of 1.3007 resistance will argue that decline from 1.3482 is merely a corrective move, and turn bias back to the upside for retesting 1.3482. On the downside, sustained break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201.

In the bigger picture, while the rebound from 1.1409 was strong, it’s limited by both 1.3514 resistance, as well as 55 month EMA (now at 1.3317). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2749) will add to medium term bearishness for a new low below 1.1409 at a later stage, resuming the down trend from 2.1161 (2007 high).

Daily Pivots: (S1) 1.2734; (P) 1.2762; (R1) 1.2795; More…

Intraday bias in GBP/USD remains neutral for consolidation above 1.2722 temporary low. Stronger recovery could be seen. But upside should be limited below 1.2956 support turned resistance to bring fall resumption. On the downside, below 1.2722 will extend recent decline to 161.8% projection of 1.3362 to 1.2956 from 1.3212 at 1.2555 next.

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 1.4141). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 1.3212 resistance holds. Retest of 1.1946 should be seen next.

Daily Pivots: (S1) 1.3016; (P) 1.3094; (R1) 1.3227; More….

GBP/USD failed to break through 1.3350 resistance despite today’s strong rebound. Intraday bias is turned neutral with subsequent steep retreat. On the upside, Break of 1.3350 will resume the rebound from 1.2391 low to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. On the downside, again, sustained break of trend line support will argue that rebound from 1.2391 has completed earlier than expected at 1.3350. Deeper fall would then be seen to 1.2773 support for confirmation.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.

Daily Pivots: (S1) 1.3079; (P) 1.3173; (R1) 1.3229; More….

Intraday bias in GBP/USD remains neutral for the moment. Further rise expected as long as 1.3105 minor support holds. Break of 1.3284 will extend the rebound from 1.2905 to retest 1.3514 high. On the downside, break of 1.3105 will turn bias back to the downside for 38.2% retracement of 1.1958 to 1.3514 at 1.2920.

In the bigger picture, rise from 1.1958 medium term bottom 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) 1.2811; (P) 1.2858; (R1) 1.2899; More…

GBP/USD’s decline from 1.3141 short term top continued today and intraday bias remains on the downside. Deeper fall would be seen to 55 D EMA (now at 1.2697) next. 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 form 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.