Further Decrease in GBP/USD Is Expected

Trading in the pair is on the downside and further fall is awaited. Following pivot points include: (S1) 1.3019; (P) 1.3069; (R1) 1.3113.

Overcoming of minor resistance 1.3221 will point out a near term bottoming and trading will back to the upside for recoil.

Breach of key support 1.2773 will argue completion of a recoil from 1.1946. Corrective growth from 1.1946 to 1.3651 will suggest that long term down trend is completed. Trend reversal in the pair is possible.