GBP/USD gyrated further lower to 1.2306 last week, but recovered. Initial bias is neutral this week for some consolidations. Further decline is expected as long as 1.2468 resistance holds. Decline from 1.2678 is seen as correcting whole up trend from 1.0351. Break of 1.2306 will target 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678
GBPUSD Outlook
Daily Pivots: (S1) 1.2291; (P) 1.2339; (R1) 1.2370; More… Intraday bias in GBP/USD is turned neutral first with current recovery. But further fall is expected as long as 1.2468 resistance holds. Decline from 1.2678 is seen as correcting whole up trend from 1.0351. Break of 1.2306 will target 1.1801 cluster support (38.2% retracement of 1.0351
Daily Pivots: (S1) 1.2291; (P) 1.2339; (R1) 1.2370; More… GBP/USD recovers mildly today but there is no clear sign of bottoming yet. Intraday bias stays on the downside for the moment. Current decline is seen as correcting whole up trend from 1.0351. Deeper fall should be seen to 1.1801 cluster support (38.2% retracement of 1.0351
Daily Pivots: (S1) 1.2325; (P) 1.2398; (R1) 1.2437; More… GBP/USD’s fall from 1.2678 resumed by breaking through 1.2371 and intraday bias is back on the upside. Current decline is seen as correcting whole up trend from 1.0351. Deeper fall should be seen to 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789). On
Daily Pivots: (S1) 1.2376; (P) 1.2412; (R1) 1.2450; More… Intraday bias in GBP/USD is turned neutral with current recovery. Another fall is expected as long as 1.2483 resistance holds. Break of 1.2371, and sustained trading below 55 D EMA (now at 1.2397) will confirm that it’s in correction to whole up trend from 1.0351. Deeper
Daily Pivots: (S1) 1.2410; (P) 1.2441; (R1) 1.2469; More… GBP/USD’s decline from 1.2678 resumed by taking out 1.2390 temporary low and intraday bias is back on the downside. Current fall is seen as a correction to whole up trend form 1.0351. Deeper fall should then be seen to 1.1801 cluster support (38.2% retracement of 1.0351
Daily Pivots: (S1) 1.2396; (P) 1.2440; (R1) 1.2488; More… GBP/USD is staying in tight range above 1.2390 and intraday bias stays neutral. Decline from 1.2678 short term top is expected to continue as long as 1.2545 resistance holds. On the downside, sustained trading below 55 D EMA (now at 1.2394) should confirm that it’s already