Consolidation In GBP/USD
Trading is neutral for consolidation above temporary top 1.2999. The pair’s forecast will remain bearish while resistance 1.3216 keeps. Pivot points are at: (S1) 1.3001; (P) 1.3051; (R1) 1.3091.
Hitting of 1.2784 will argue that larger downtrend from 1.4376 is resuming through 1.2661. Trading below 1.2999 will aline support 1.2784. Overcoming of 1.3216 will turn focus back to key fibonacci resistance 1.3316.
A medium term bounce from 1.1946 should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4062). Overcoming of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. Downtrend resumption is forecast. This will be the preferred case while 38.2% retracement of 1.4376 to 1.2661 at 1.3316 keeps.