GBP/USD’s Short Term Bullishness
Pair’s trading tone is neutral. The consolidation from 1.3029 extends. Sustained support from 1.2849 should fill the downside and lead to lift restoration. Following pivot points include: (S1) 1.2837; (P) 1.2905; (R1) 1.2945.
Over 1.2982 minor resistance trading will turn up on the upside towards 1.3047 resistance. Breach will align 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Firm breach of 1.2849 will mute the short term bullishness and shift attention to 1.2588 support.
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.