GBP/USD daily outlook

It rebounded from 1.2100 but even that was just temporary. The pair is slowly dropping back towards that support. I think eventually we'll see it reach 1.2000.

Bearish.

Gbp/Usd although the pair is holding around 1.24 level, but bearish potential is clear, next support level can be found at 1.2220.

week starts from 1.1214 going for short.

The pair has been consolidating sideways above 1.2150 for a while now, and it has formed several spinning top bars on the four-hour time frame, so there might be some retracement in the near future, but I think that the overall trend remains bearish for the moment.

The British pound recorded a neutral session against the US dollar on Wednesday. The pair opened at 1.2292 and the price managed to break the resistance at 1.2300 twice. In the end, the pound ended at 1.2283 and if the downward trend continues couple will move to the next support at 1.2120.

Key levels to watch for:
Support: 1.2120; 1.1630;
Resistance: 1.2300; 1.2460; 1.2790.

The British pound fell against the dollar on Friday. By the close of US trading GBP/USD was trading at 1.2232, shedding 0.18%. I believe that the support is now located at the level of 1.2134, Monday's low, and resistance is likely at the level of 1.2334 -the maximum of Wednesday.

While technical indicators hold flat, but Brexit risk still exist and the pair well within bearish territory, further decline may continue. Next support level holds at 1.2169.

Key levels to watch for:
Support: 1.2079; 1.1619;
Resistance: 1.2332; 1.247.

Pound / dollar was volatile last week. Trade signals are neutral. Initial support is at 1.2170 followed by 1.2135. Intraday resistance is seen at 1.2240, break of which could trigger further bullish pressure testing 1.2300 / 30. Overall I still prefer a bearish scenario but the more price remains above 1.20, the bullish correction / reversal scenario of the formation hammer should remain valid.

The pound registered a slight decrease against the dollar on Friday. The price of the opening session was close to closing, respectively, 1.2250 and 1.2221. The trend was volatile and early bearish sentiment prevailed. The pair hit bottom at 1.2170, but the pound subsequently recovered partial losses. Short-term expectations remain in favor of the US currency. In this case the support at 1.2079 could be tested soon.

So what do we think the UK GDP is gonna do to the cable? 0.3% increase (meets expectations) will likely get a lot of volatility and might have short term increase in gbp/usd. Anyone think the opposite? Anyone think it might be negative?

The pair broke below 1.2200 again, I think next target is around 1.2140, maybe even 1.2100.

To me realistically it may go down to 1.2150 max but then revert back up.

GBP/USD has almost reached 1.2100. I think that if it breaks out below that level it will continue falling to test the support at the previous low at 1.2081.

I think it is heading right there!

I have decided not to open any positions for the moment. The pair is still moving sideways and throughout the week there will be a lot of news that will create a lot of volatility.

Pound/dollar made another indecisive movement last week. The bias is neutral for now. Immediate resistance is at 1.2225. A clear break above that area could trigger further bullish pressure for testing 1.2270 - 1.2300. Intraday support is 1.2150, whose breach could lead to downward pressure for testing 1.2080 but important support remains at 1.2000. The more price remains above 1.20, the bullish correction/reversal scenario of the formation hammer should remain valid.