GBP/USD’s Correction

Trading stays slightly on the upside towards 61.8% retracement of 1.3651 to 1.3026 at 1.3412 if 1.3287 minor support holds. Firm breach in that zone will head towards a repeat test of 1.3651 maximum. Following pivot points include: (S1) 1.3286; (P) 1.3322; (R1) 1.3367.

Rejection from 1.3412 and breach of 1.3278 minor support will indicate that price dynamic from 1.3026 is a correction. Trading will turn up on the downside towards the minimum 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.