Upside Of GBP/USD Should Be Bounded
Stance of trading is neutral for consolidation from 1.2476. Hitting of 1.2811 will indicate trend reversal and turn focus back to resistance 1.3174. Further recovery is expected. Pivot points are at: (S1) 1.2574; (P) 1.2611; (R1) 1.2650.
Stronger recovery is not excluded. Overcoming of 1.2476 will widen larger downtrend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. Upside should be bounded by resistance 1.2811.
A medium term bounce from 1.1946 should have completed at 1.4376 already, after rejection from 55 month EMA. The fall from 1.4376 argues that it’s resuming long term downtrend from 2.1161. This will be the preferred case while structural resistance 1.3174 keeps.