GBP/USD’s Decline

The pair has declined but it managed to remain over 1.2633. If the whole 1.2977 resistance stands, bearishness prevails. Consolidation pattern from 1.1946 has finished at 1.3047. Following pivot points include: (S1) 1.2700; (P) 1.2757; (R1) 1.2792.

Breach of 1.2614 resistance turned support should boost the bearishness and align a test on 1.1946 minimum. Breach of 1.2977 will subdue this bearishness and push trading to the upside towards 1.3047 and higher.

Decline from 1.7190 is claimed to be a piece of the downtrend from 2.1161. Price moves from a medium term minimum of 1.1946 are considered as a consolidation pattern, which might have finished after meeting 55 week EMA. Breach of 1.1946 minimum will head towards 61.8% projection of 1.5016 to 1.1946 from 1.3047 at 1.1150. If the consolidation from 1.1946 prolongs, prognosis will remain bearish while 1.3444 resistance is present.