Restoration of Rally in GBP/USD

Pair’s rally resumed to the 1.2994 level. The cable breached the resistance of 1.2977. Trading stays on the upside. Breach of 1.3047 will head towards 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Following pivot points include: (S1) 1.2821; (P) 1.2896; (R1) 1.2998.

Under 1.2913 minor support trading will turn up in the neutral position. Then, the pull back will occur and the rally will restore.

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.