Growth In GBP/USD Continues

Technical Reports

Trading is on the upside for resistance 1.3297, as growth from 1.2921 continues. Overcoming of 1.3316 would aline next fibonacci level at 1.3721. Pivot points are at: (S1) 1.3195; (P) 1.3222; (R1) 1.3261.

Upside should be bounded by strong resistance from key fibonacci level 1.3316. Trading below minor support 1.3132 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.