GBP/USD Moves Higher

Technical Reports

Trading is still on the upside, as the bounce from 1.2692 continues for resistance 1.3297. The growth from 1.2692 is considered as the third leg of consolidation from 1.2661. Pivot points are at: (S1) 1.2932; (P) 1.2986; (R1) 1.3022.

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.