GBP/USD’s Upside Trading
Pair’s increase has expanded after hitting the 1.3125 level. Trading is on the upside. Sustained resistance from 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 might restrict upside. Following pivot points include: (S1) 1.3037; (P) 1.3080; (R1) 1.3161.
Strong breach in that place should prolong the recoil to the key resistance of 1.3444. Price dynamic from 1.1946 is considered as a corrective pattern. The pair might not manage to meet 1.3444. Breach of 1.2932 support will point out trend reversal and move trading to the downside towards the 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.