Another Rise In GBP/USD
Pair’s trading is still neutral. While the minor support of 1.2784 is present, another surge is projected. Following pivot points include: (S1) 1.2874; (P) 1.2951; (R1) 1.2995.
Breach of 1.3042 will extend the recoil from 1.2661 and target 100% projection of 1.2661 to 1.3042 from 1.2784 at 1.3165. This recoil is viewed as a correction. The key fibonacci level of 1.3316 should bound upside. In that case, corrective lift will be finished and a short term reversal will occur. Breach of 1.2784 will align repeat test on 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.