GBP/USD’s Retreat

The pair has retreated, but then lift from 1.3038 continued. Trading is on the upside towards 61.8% retracement of 1.3651 to 1.3026 at 1.3412. Firm breach in that place will align a repeat test of 1.3651 maximum. Following pivot points include: (S1) 1.3244; (P) 1.3315; (R1) 1.3410.

Rejection from 1.3412 and breach of 1.3278 minor support will suggest that price moves from 1.3026 are 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.