Recoil in GBP/USD Extends

Trading in the pair is on the upside for retesting of a maximum 1.3651. Recoil from 1.3026 prolongs to maximum 1.3323. Following pivot points include: (S1) 1.3160; (P) 1.3225; (R1) 1.3329.

A medium term growth from 1.1946 can resume and target key resistance 1.3835. Below minor support 1.3120 the decline from 1.3651 will renew through 1.3026.

Breach of key support 1.2773 will argue completion of a recoil from 1.1946. Corrective growth from 1.1946 to 1.3651 will suggest that long term down trend is completed. Trend reversal in the pair is possible.