GBP/USD’s Resistance Turned Support

Technical Reports

Pair’s consolidation from 1.3549 is extending. Trading is still neutral. 1.3337 resistance turned support should restrain the downside of a pull back and cause further lift. Following pivot points include: (S1) 1.3415; (P) 1.3476; (R1) 1.3541.

Over 1.3549, GBP/USD will align 1.3651 and higher. Choppy breach of 1.3337 will suggest ending of increase from 1.3038 and trading will turn up on the downside.

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.