GBP/USD’s Decline About to Extend
Pair’s breach of 1.3068 minor support indicates that the decline from 1.3651 is about to extend. 1.3026 support is aligned. Following pivot points include: (S1) 1.2966; (P) 1.3133; (R1) 1.3224.
Sustained breach in that area will head towards 61.8% projection of 1.3651 to 1.3026 from 1.3320 at 1.2934. It will cause larger fall towards the key support level of 1.2773. Over 1.3138 minor resistance, the consolidation from 1.3026 will prolong with further lift.
The pair has met a firm resistance from the long term falling trend channel. Prognosis will remain neutral. Choppy breach of 1.2773 key support will affirm ending of recoil from 1.1946. Corrective increase from 1.1946 to 1.3651 will indicate that long term downtrend has finished. Breach of 1.1946 minimum is expected. Breach of 1.3835 support turned resistance will suggest trend reversal and align 38.2% retracement of 2.1161 to 1.1946 at 1.5466.