GBP/USD’s Decline Resuming
Pair’s fall from 1.3651 keeps resuming. It has hit 1.3059 level and 61.8% retracement of 1.2773 to 1.3651 at 1.3108. Bottom formation is so far unlikely. Following pivot points include: (S1) 1.3066; (P) 1.3158; (R1) 1.3208.
Trading remains on the downside towards 1.2773 support. Breach of 1.3290 resistance should indicate temporary topping. If GBP/USD recommences, prognosis stays 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.