GBPUSD: Consolidates Below 1.3171 Level…
No change, as long as 1.2728 support holds on a weekly closing basis, the GBPUSD remains in a recovery mode, further upside couldn’t be ruled out, but the upside move above 1.2728, should be limited by 1.3171 levels where rejection is likely, however; a sustained breakout – weekly closing- above 1.3171 levels will reverse risk to the upside and aim 1.3362 levels, further upside, resistance stands at 1.3548 levels.
GBPUSD will have to hold above 1.3171 on a weekly closing basis to prevent a return to the downside.
On the downside, a rejection from 1.3171 levels could mean a return to 1.2935 levels, it may turn higher from here, but a cut-through support will aim 1.2728 levels, next support comes at 1.2515 levels.
Conclusion: The GBPUSD sees a fall risk below 1.3171 levels in the medium-term forecast.
Support: 1.2935, 1.2728, 1.2515
Resistance: 1.3171, 1.3362, 1.3548