GBP/USD's Medium Term Uptrend Restoration

Technical Reports

Pair’s rally is progressing to 1.4353 maximum. Break of 1.4345 confirms a medium term uptrend restoration. Trading remains on the upside to 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Following pivot points include: (S1) 1.4261; (P) 1.4302; (R1) 1.4379.

Under the minor support of 1.4236, trading will turn up in the neutral position. Pull back will be limited over 1.3964 support, causing further rally.

Increase from 1.1946 is extending. It’s considered as 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. While 1.3711 support is present, medium term prognosis stays bullish.