Neutral Trading In GBP/USD
Stance of trading is neutral. Trading above 1.2927 will back to the upside for resistance 1.3071. Price moves from 1.2661 are viewed as a consolidation. Pivot points are at: (S1) 1.2782; (P) 1.2833; (R1) 1.2866.
Overcoming of 1.2764 will widen the fall from 1.3174 to key support level 1.2661. 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.