Another Rally In GBP/USD
Another rally for 100% projection of 1.2661 to 1.3042 from 1.2784 at 1.3165 and even higher is possible as long as the whole minor support of 1.2896 is present. Key fibonacci level of 1.3316 should bound upside, finish the corrective lift and draw short term reversal. Following pivot points include: (S1) 1.2974; (P) 1.3031; (R1) 1.3089.
Breach of 1.2896 minor support will indicate ending of recoil from 1.2661. Trading will then turn up on the downside to 1.2784 and 1.2661.
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.