GBP/USD Firmly Recoiled

The pair has firmly recoiled from 1.3068. Price dynamic from 1.3026 is viewed as a consolidation pattern. Another increase as well as breach of 1.3337 are anticipated. 61.8% retracement of 1.3651 to 1.3026 at 1.3412 will restrict the upside and draw decrease restoration. Following pivot points include: (S1) 1.3216; (P) 1.3268; (R1) 1.3297.

Strong breach of 1.3026 support will extend the fall from 1.3651 and align key support of 1.2773. Medium term reversal is much more possible now. Choppy breach of 1.3412 will head towards the minimum of 1.3651.

The pair has met a firm resistance from the long term falling trend channel. Prognosis will remain neutral. Choppy breach of 1.2773 key support will affirm ending of recoil from 1.1946. Corrective increase from 1.1946 to 1.3651 will indicate that long term downtrend has finished. Breach of 1.1946 minimum is expected. Breach of 1.3835 support turned resistance will suggest trend reversal and align 38.2% retracement of 2.1161 to 1.1946 at 1.5466.