Neutral Trading In GBP/USD
Trading is neutral, but hitting of 1.3174 will extend the bounce from 1.2692 to resistance zone 1.3257/3297. The growth from 1.2692 is considered as the third leg of consolidation from 1.2661. Pivot points are at: (S1) 1.3076; (P) 1.3125; (R1) 1.3177.
Upside should be bounded by strong resistance from fibonacci level 1.3316. Trading below minor support 1.2951 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.