Trend Reversal is Possible in GBP/USD
The pair is holding inside of consolidation under the near term top of 1.3125. Trading stays neutral. If 1.2811 support stands, further lift is likely. Breach of 1.3125 will head towards 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Following pivot points include: (S1) 1.3005; (P) 1.3028; (R1) 1.3047.
Firm recoil from 1.1946 is viewed as a corrective pattern. Sustained resistance from 1.3168 might bound the upside. Strong breach of 1.3168 will cause another increase to the key resistance of 1.3444. Breach of 1.2811 support will confirm trend reversal and push trading to the downside towards key support of 1.2588.
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.