GBP/USD’s Retreat Has Concluded
Pair’s trading is still neutral. Consolidation from 1.3026 keeps expanding. If further increase occurs, upside will be bounded under 1.3337 resistance, causing restoration of decline. Following pivot points include: (S1) 1.3124; (P) 1.3150; (R1) 1.3193.
Breach of 1.3038 will extend the fall from 1.3651 towards a key support of 1.2773. Sustained breach of 1.3337 will suggest conclusion of retreat from 1.3651 and indicate that medium term lift from 1.1946 is progressing.
The pair has met a firm resistance from the long term falling trend channel. Corrective recoil from minimum 1.1946 has completed at 1.3651. Breach of 1.2773 will argue bearishness and align a test on 1.1946 minimum. Overcoming of resistance 1.3320 will resume the growth from 1.1946 for 38.2% retracement of 2.1161 to 1.1946 at 1.5466.