GBP/USD's Fibonacci Level
Pair’s trading stays on the upside. Increase from 1.2261 is extending. Strong breach of 55 day EMA will align 1.3212 resistance. Following pivot points include: (S1) 1.2984; (P) 1.3013; (R1) 1.3042.
Firm resistance from 1.3316 fibonacci level should bound upside. Breach of 1.2844 support will confirm ending of recoil and align repeat test of 1.2661 minimum.
The intact medium term recoil from 1.1946 should have ended at 1.4376 after being rejected by 55 month EMA. Considering impulse of the drop from 1.4376, long term downtrend is progressing. Strong breach of 1.3316 should cause firmer recoil for 61.8% retracement at 1.3721. Repeat test of 1.1946 minimum might become the next target.