GBP/USD’s Medium Term Rally

Pair's increase hit 1.3479 level. Trading remains on the upside towards the maximum of 1.3651. Breach should extend medium term rally from 1.1946 for the key resistance of 1.3835. Following pivot points include: (S1) 1.3347; (P) 1.3397; (R1) 1.3460.

Under 1.3382 minor support trading will turn up in the neutral position and GBP/USD will pull back. Then, another rally will occur.

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.