GBP/USD’s Medium Term Lift
Pair’s trading stays neutral. Consolidation from 1.3026 is resuming. If larger increase occurs, upside will be restricted under 1.3337 resistance, leading to decrease restoration. Following pivot points include: (S1) 1.3076; (P) 1.3125; (R1) 1.3165.
Breach of 1.3038 will extend the fall from 1.3651 towards a key support of 1.2773. Firm breach of 1.3337 will argue ending of retreat from 1.3651 and progression of a medium term lift from 1.1946.
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.