GBP/USD’s Resistance Zone

Pair’s trading is on the upside towards the resistance zone of 1.3029/47. Sustained breach in that place will enlarge the bigger rally towards 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Following pivot points include: (S1) 1.2890; (P) 1.2922; (R1) 1.2970.

Firm breach of 1.2811 and 55 day EMA will cancel the bullishness and trading will turn up on the downside towards 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.