GBP/USD’s Downside Boost

Technical Reports

Pair’s drop from 1.3651 is pushing downwards and breaking 38.2% retracement of 1.2773 to 1.3651 at 1.3316. Trading is on the downside. Larger decline will align 61.8% retracement at 1.3108, considering actual downside boost. Following pivot points include: (S1) 1.3347; (P) 1.3395; (R1) 1.3441.

Breach of 1.3454 minor resistance should indicate ending of the fall. If GBP/USD recommences, short term prognosis stays slightly bearish.

Firm breach of 1.3444 key resistance means reversal of the long term trend. According to bullish convergence in monthly MACD, the key bottom was probably created at 1.1946. Actual lift from 1.1946 should align 38.2% retracement of 2.1161 to 1.1946 at 1.5466. If 1.2773 support is present, medium term prognosis remains bullish.