GBP/USD Moves Higher
Trading is on the upside and the bounce from 1.2723 could be another rising leg inside the consolidation from 1.2661. Trading below minor support 1.2764 will back to the downside for 1.2661. Pivot points are at: (S1) 1.2785; (P) 1.2857; (R1) 1.2950.
Overcoming of low 1.2661 will renew larger downtrend from 1.4376. While further growth to resistance 1.3071 is expected, upside should be limited by fibonacci level 1.3316.
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.