Growth Of GBP/USD Is In Progress

Technical Reports

Trading is on the upside, as the bounce from 1.2692 continues for resistance 1.3297. Price moves from 1.2661 are considered as a consolidation. Pivot points are at: (S1) 1.2825; (P) 1.2925; (R1) 1.3099.

Upside should be bounded by strong resistance from fibonacci level 1.3316. Trading below minor support 1.2908 will back to the downside for 1.2692. Downtrend resumption is not excluded.

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.