GBP/USD’s Choppy Breach
Pair’s trading tone is neutral. Breach of 1.2926 minor resistance will prove conclusion of retreat from 1.3029. Thus, trading will turn up on the upside towards 1.3047 resistance. Following pivot points include: (S1) 1.2827; (P) 1.2867; (R1) 1.2922.
Breach will align 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next. Choppy breach of 1.2849 will subdue the short term bullishness and 1.2588 support will be in the spotlight.
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.