Growth In GBP/USD Continues

10/12/2018 7:51 AM UTC
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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.