GBP/USD: Further Growth Is Expected

Technical Reports

Stance of trading is neutral, as the pir is limited in a range of 1.2764/2927. Price moves from 1.2661 are viewed as a consolidation. Pivot points are at: (S1) 1.2782; (P) 1.2823; (R1) 1.2849.

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.