GBP/USD Recovers Slightly
Trading tone is neutral with corrective price moves from 1.2661. Trading below 1.3011 will aline support 1.2921. Pivot points are at: (S1) 1.3016; (P) 1.3060; (R1) 1.3109.
Upside should be bounded by strong resistance from key fibonacci level 1.3316. Overcoming of support 1.2921 will target support zone 1.2661/2784.
A medium term bounce from 1.1946 should have completed at 1.4376 already, after rejection from 55 month EMA. 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.