GBP/USD’s Larger Drop
Pair’s trading state is neutral. Larger drop is possible if the whole 1.2813 resistance holds. Sharp breach of 1.2614 resistance turned support will boost bearishness. Following pivot points include: (S1) 1.2680; (P) 1.2711; (R1) 1.2748.
The consolidation pattern from 1.1946 has ended. If that happens, bigger decline should head towards a repeat test of 1.1946 minimum. Breach of 1.2813 resistance will subdue 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.