Sample Category Title

Pivot (invalidation): 2920.00

Our preference Long positions above 2920.00 with targets at 2942.00 & 2953.00 in extension.

Alternative scenario Below 2920.00 look for further downside with 2910.00 & 2895.00 as targets.

Comment The RSI is mixed to bullish.

Pivot (invalidation): 12239.00

Our preference Long positions above 12239.00 with targets at 12350.00 & 12400.00 in extension.

Alternative scenario Below 12239.00 look for further downside with 12180.00 & 12100.00 as targets.

Comment The RSI shows upside momentum.

Daily Pivots: (S1) 1.2873; (P) 1.2918; (R1) 1.2947; More....

GBP/USD drops to as low as 1.2887 so far. Intraday bias remains on the downside for 1.2773 support. Decisive break there will confirm that corrective rebound from 1.2391 has completed earlier than expected at 1.3381. Further decline should then be seen to 1.2391 low again. On the upside, though, break of 1.3019 minor resistance will dampen this bearish case and turn bias back to the upside for rebound.

In the bigger picture, medium term decline from 1.4376 (2018 high) halted after hitting 1.2391. Rise from 1.2391 could have completed after just missing 50% retracement of 1.4376 to 1.2391 at 1.338. Such rebound could be a correction to fall from 1.4376 only. Break of 1.2773 support will affirm this bearish case and target 1.2391. Break of 1.2391 will resume the fall from 1.4376 to 1.1946 (2016 low).

Pivot (invalidation): 5.8600

Our preference Long positions above 5.8600 with targets at 5.9100 & 5.9320 in extension.

Alternative scenario Below 5.8600 look for further downside with 5.8470 & 5.8200 as targets.

Comment The RSI lacks downward momentum.

Pivot (invalidation): 0.7030

Our preference Short positions below 0.7030 with targets at 0.7000 & 0.6970 in extension.

Alternative scenario Above 0.7030 look for further upside with 0.7050 & 0.7080 as targets.

Comment The upward potential is likely to be limited by the resistance at 0.7030.

Pivot (invalidation): 1.3460

Our preference Long positions above 1.3460 with targets at 1.3520 & 1.3540 in extension.

Alternative scenario Below 1.3460 look for further downside with 1.3430 & 1.3410 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 1.0190

Our preference Long positions above 1.0190 with targets at 1.0220 & 1.0230 in extension.

Alternative scenario Below 1.0190 look for further downside with 1.0170 & 1.0150 as targets.

Comment A support base at 1.0190 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 112.20

Our preference Short positions below 112.20 with targets at 111.80 & 111.65 in extension.

Alternative scenario Above 112.20 look for further upside with 112.40 & 112.60 as targets.

Comment The RSI calls for a new downleg.

Pivot (invalidation): 1.2930

Our preference Short positions below 1.2930 with targets at 1.2890 & 1.2870 in extension.

Alternative scenario Above 1.2930 look for further upside with 1.2960 & 1.2975 as targets.

Comment The RSI lacks upward momentum.

Pivot (invalidation): 1.1180

Our preference Short positions below 1.1180 with targets at 1.1140 & 1.1115 in extension.

Alternative scenario Above 1.1180 look for further upside with 1.1205 & 1.1220 as targets.

Comment A break below 1.1140 would trigger a drop towards 1.1115.