GBP/USD’s Short Term Falling Channel

Technical Reports

The pair has surged. The short term falling channel from 1.3549 has been surpassed. Correction from 1.3549 should have concluded at 1.3300. Trading is on the upside towards 1.3549. Following pivot points include: (S1) 1.3403; (P) 1.3430; (R1) 1.3468.

Breach will expand the rally from 1.3038 to the maximum of 1.3651. Under 1.3424 minor support , the bullishness will be subdued and further consolidation will occur.

Corrective recoil from minimum 1.1946 is bounded under the key support turned resistance of 1.3835. Firm breach of 1.3835 should align 38.2% retracement of 2.1161 to 1.1946 at 1.5466.