GBP/USD’s Correction Moving Downwards
Pair’s correction 1.3651 might go downwards towards 61.8% retracement of 1.2773 to 1.3651 at 1.3108 if the entire 1.3454 minor resistance stands. Following pivot points include: (S1) 1.3212; (P) 1.3249; (R1) 1.3277.
Breach of 1.3454 minor resistance should indicate conclusion of the retreat. Trading can turn up on the upside towards a repeat test of 1.3651 maximum.
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.