GBP/USD’s Recoil Pushed Upwards

Pair's recoil from 1.2588 pushed upwards to 1.2849 level. Breach of 1.2813 resistance indicates that retreat from 1.3047 has finished at 1.2588. Trading is on the upside towards 1.2977 resistance. Following pivot points include: (S1) 1.2731; (P) 1.2796; (R1) 1.2876.

Breach in that area should prolong the bigger increase through 1.3047 resistance. Under 1.2705 minor support trading will turn up on the downside towards 1.2588.

Price moves from a medium term minimum of 1.1946 are considered as a corrective pattern. The retreat from 1.3047 has ended. The corrective pattern from 1.1946 keeps extending towards further maximum above 1.3047. Prognosis stays bearish while 1.3444 resistance is present. Bigger downtrend from 1.7190 should prolong after conclusion of the correction.