GBP/USD’s Strong Recoil
Pair’s trading is on the upside towards 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Strong recoil from 1.1946 is considered as a corrective pattern. Following pivot points include: (S1) 1.2986; (P) 1.3049; (R1) 1.3165.
Firm resistance from 1.3168 should bound the upside. Choppy breach of 1.3168 will draw another lift to 1.3444 key resistance. Under 1.2999 minor support, trading will turn up in the neutral position.
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.