GBP/USD Inside Of Consolidation Pattern
The pair is sticking inside of consolidation pattern under the short term top of 1.4243 above the minor support of 1.3982. Trading is still neutral. Further lift is expected. Over 1.4243, the increase from 1.3711 will enlarge and align the 1.4345 maximum. Following pivot points include: (S1) 1.4030; (P) 1.4115; (R1) 1.4160.
Choppy breach should extend bigger uptrend and align 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Decisive breach of 1.3982 will confirm conclusion of recoil from 1.3711. Trading will turn up on the downside to repeat test of 1.3711 level.
Medium term forecast stays bullish if 1.3038 support stands. Increase from 1.1946 is a correction for the long term downtrend from the maximum of 2.1161. Another rally should align 38.2% retracement of 2.1161 to 1.1946 at 1.5466. The pair can’t surpass 55 month EMA. Breach of 1.3038 support will indicate ending of the lift from 1.1946, which will make prognosis bearish till repeat test of the minimum.