Test on GBP/USD’s Key Support Level
Pair’s trading stays on the downside. Decline from 1.3651 should head towards 61.8% retracement of 1.2773 to 1.3651 at 1.3108. Strong breach in that area will align a test on key support level of 1.2773. Following pivot points include:(S1) 1.3218; (P) 1.3254; (R1) 1.3285.
Over 1.3291 minor resistance trading will turn up on the upside towards 4 hour 55 EMA.
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.