Bounce Of GBP/USD Has Resumed
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.