GBP/USD’s Recoil Pushed Upwards
Pair's recoil from 1.3038 pushes upwards, getting closer to 1.3337 resistance. Strong breach in that area will confirm ending of the intact fall from 1.3651. Following pivot points include: (S1) 1.3246; (P) 1.3288; (R1) 1.3363.
Another lift should align 61.8% retracement of 1.3651 to 1.3026 at 1.3412. Firm breach will head towards a test on the level of 1.3651. After a breach of 1.3212 minor support, trading will turn up on the downside towards a repeat test of 1.3026.
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.