Recovery In GBP/USD
Trading is neutral with a corrective growth from 1.2661. Pivot points are at: (S1) 1.2933; (P) 1.2988; (R1) 1.3040.
In case of another growth, upside should be bounded by strong resistance from key fibonacci level 1.3316. Overcoming of support 1.2921 will indicate completion of a corrective rise from 1.2661 and 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.