GBP/USD’s Sideway Trading

Technical Reports

Pair’s sideway trading between 1.3026/333 resumes. Trading remains neutral. Recommencement must be bounded under 1.3337 resistance, causing restoration of the fall. Following pivot points include: (S1) 1.3208; (P) 1.3237; (R1) 1.3267.

Breach of 1.3038 will prolong the decrease from 1.3651 towards a key support of 1.2773. Strong breach of 1.3337 will prove that retreat from 1.3651 has concluded and that medium term lift from 1.1946 is extending.

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.