Corrective Rise In GBP/USD
Trading remains on the upside to 1.3042 resistance. Breach in that spot should extend the corrective recoil from 1.2661. Following pivot points include: (S1) 1.2894; (P) 1.2928; (R1) 1.2960.
The cable should align 100% projection of 1.2661 to 1.3042 from 1.2784 at 1.3165. The key fibonacci level of 1.3316 should bound the upside, finish the corrective increase and lead to short term trend reversal. Under 1.2784 support, the cable will head towards 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.