Recovery In GBP/USD
Stance of trading is neutral for recovery. Price moves from 1.2661 are viewed as a consolidation. Pivot points are at: (S1) 1.2670; (P) 1.2735; (R1) 1.2797.
Overcoming of low 1.2661 will resume larger downtrend from 1.4376 and aline 1.1946. While further growth 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.