GBP/USD’s Corrective Retreat

Technical Reports

Pair’s trading tone is neutral. Corrective retreat from 1.3549 prevails. GBP/USD remained over resistance turned support of 1.3337. Another lift is awaited if the whole 1.3337 level holds. Following pivot points include: (S1) 1.3351; (P) 1.3397; (R1) 1.3436.

Breach of 1.3549 will align the maximum of 1.3651 and higher. Firm breach of 1.3337 will suggest conclusion 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.