Correction In GBP/USD
Pair’s trading stays on the upside. Actual recoil from 1.2661 aligned 100% projection of 1.2661 to 1.3042 from 1.2784 at 1.3165, and maybe higher. The recoil is considered to be a correction. Following pivot points include: (S1) 1.3048; (P) 1.3085; (R1) 1.3143.
Key fibonacci level of 1.3316 should bound upside, finish the corrective lift and draw short term reversal. 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.