GBP/USD Has Formed a Temporary Low
Trading tone is neutral for consolidation, as a temporary low was formed at 1.2921. The corrective growth from 1.2661 has completed and larger fall from 1.4376 might be resuming. Pivot points are at: (S1) 1.2948; (P) 1.2995; (R1) 1.3067.
Upside of recovery should be bounded by resistance 1.3115. Hitting of 1.3115 will turn focus back to resistance 1.3297. Trading below 1.2921 will aline support 1.2784.
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.