Upside Of GBP/USD Should Be Bounded
Trading is neutral, but further growth for retesting resistance 1.3297 is possible. Growth of the pair could extend while minor support 1.3002 keeps. Pivot points are at: (S1) 1.3037; (P) 1.3085; (R1) 1.3142.
Upside should be bounded by strong resistance from key fibonacci level 1.3316. Trading below minor support 1.3002 will back to the downside for 1.2921.
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.