The pair traded within a range after the heavy sell-off from the 1.3470 area and is now recovering from the lower boundary near 1.3310. GBP/USD has improved its short-term structure, but the rebound is still corrective unless the pair breaks through the nearest resistance zone and holds above the Pivot during the day.
Current price: 1.33650
Pivot: 1.3350
Nearest support levels:
S1: 1.3340
S2: 1.3320
S3: 1.3300
Nearest resistance levels:
R1: 1.3380
R2: 1.3405
R3: 1.3430
Note:
Above Pivot: while GBP/USD holds above 1.3350, buyers may continue the recovery toward 1.3380. A sustained breakout above this level may open the way toward 1.3405 and 1.3430.
Below Pivot: a return below 1.3350 would weaken the rebound and may send the pair back toward 1.3340. If this support fails, the next downside targets will be 1.3320 and 1.3300.
