Upside In GBP/USD
Pair’s trading character is neutral. Correction from 1.3101 should prolong with further lift. Sustained resistance from 1.3471 should bound upside. Following pivot points include: (S1) 1.3176; (P) 1.3240; (R1) 1.3287.
Breach of 1.3101 will extend the intact fall from 1.4376 and target 61.8% retracement of 1.1946 to 1.4376 at 1.2875.
According to bearish divergence condition in daily MACD, the entire medium term recoil from 1.1936 has ended at 1.4376. The cable was rejected from 55 month EMA of 1.4223. 61.8% retracement of 1.1936 to 1.4376 at 1.2874 will be hit in the near term. Long term downtrend restoration is so far unlikely. While 55 day EMA is present, the forecast will remain bearish.