GBP/USD Has Recommenced
The pair has declined to 1.2588. It broke the key support level of 1.2614 and recommenced. Upside of recoil was bounded under 1.2813 resistance. Trading condition is neutral.
The consolidation pattern from 1.1946 has concluded at 1.3047. Firm breach of 1.2614 resistance turned support should affirm bearishness and align a test on 1.1946 minimum. Breach of 1.2977 will burden this bearishness and trading will turn up on 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.
More prospectively, the downtrend from 2.1161 keeps expanding. It’s expected to move deeper towards 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532.