GBP/USD’s Persistent Consolidation
The pair is sticking inside of consolidation from a short term top of 1.3612. Trading tone is neutral. Another rally is possible if 4 hour 55 EMA is present. Over 1.3612, key resistance of 1.3651 will be aligned. Following pivot points include: (S1) 1.3530; (P) 1.3558; (R1) 1.3593.
Breach will expand medium term increase from 1.1946 and head towards 1.3835 key resistance. Firm breach of 4 hour 55 EMA will put 1.3300 support into the spotlight.
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.