The Dynamic of GBP/USD’s Recoil
Pair's recoil is progressing. Still, it’s holding under 1.2813 minor resistance. Trading tone is neutral. The consolidation pattern from 1.1946 has concluded at 1.3047. Following pivot points include: (S1) 1.2660; (P) 1.2675; (R1) 1.2697.
Strong breach of 1.2614 resistance turned support should point out bearishness and align a test on 1.1946 minimum. Breach of 1.2977 will mute this bearishness and trading will turn up on the upside towards 1.3047 and higher.
Decline from 1.7190 is claimed to be a piece of the downtrend from 2.1161. Price moves from a medium term minimum of 1.1946 are considered as a consolidation pattern, which might have finished after meeting 55 week EMA. Breach of 1.1946 minimum will head towards 61.8% projection of 1.5016 to 1.1946 from 1.3047 at 1.1150. If the consolidation from 1.1946 prolongs, prognosis will remain bearish while 1.3444 resistance is present.