Larger Pull Back in GBP/USD

Pair’s trading tone is neutral. The consolidation from 1.3029 is progressing. Larger pull back is much likely. Following pivot points include: (S1) 1.2904; (P) 1.2963; (R1) 1.2996.

Downside will be filled over 1.2849 support, drawing restoration of increase. Breach of 1.3029 should push the pair through 1.3047 level to 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168.

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. Breach of 1.2588 will suggest extension of this downtrend.