GBP/USD’s Fall Restoration

Pair’s trading stays slightly on the downside if the whole 1.3138 minor resistance is present. Breach of 1.3026 support will indicate restoration of the fall from 1.3651. USD/JPY will head towards 61.8% projection of 1.3651 to 1.3026 from 1.3320 at 1.2934. Following pivot points include: (S1) 1.3032; (P) 1.3079; (R1) 1.3118.

Breach will cause larger drop to the key support of 1.2773. Over 1.3138 minor resistance the consolidation from 1.3026 will expand 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.