Bounce Of GBP/USD Has Resumed

Technical Reports

Trading is on the upside for retesting maximum 1.3297, as growth from 1.2921 resumed after hitting 1.3131. The pair’s growth reached high 1.3161. Pivot points are at: (S1) 1.3068; (P) 1.3110; (R1) 1.3186.

Upside should be bounded by strong resistance from key fibonacci level 1.3316. Trading below minor support 1.3032 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.