GBP/USD's Medium Term Rally
Pair’s rally extended after a short consolidation and hit 1.4274 maximum. Trading is on the upside to the maximum of 1.4345. Sustained breach in that place will prolong the medium term rally and align 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Following pivot points include: (S1) 1.4165; (P) 1.4206; (R1) 1.4266.
Under the minor support of 1.4220, trading will turn up in the neutral position. Pull back will be limited over 1.3964 support, causing further rally.
Medium term forecast stays bullish if the resistance turned support of 1.3651 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 1.3651 will indicate a medium term reversal and head towards 1.3038 support.