GBP/USD’s Downside Trading

Technical Reports

Pair's decline from 1.3651 is resuming. Trading stays on the downside. Actual drop should hit 61.8% retracement of 1.2773 to 1.3651 at 1.3108. Following pivot points include: (S1) 1.3219; (P) 1.3310; (R1) 1.3366.

Breach of 1.3454 minor resistance should confirm 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.