GBP/USD: Consolidation Could Extend
Trading is neutral and price moves from 1.2661 are viewed as a consolidation. Hitting of 1.2692 will bring retest of 1.2661. Pivot points are at: (S1) 1.2756; (P) 1.2817; (R1) 1.2885.
Overcoming of low 1.2661 will renew larger downtrend from 1.4376. In case of another growth, upside should be bounded by fibonacci level 1.3316. Beak of 4 hour 55 EMA (now at 1.2917) could widen the consolidation with another growth.
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.