GBP/USD’s Downside

Technical Reports

Pair’s trading turned up on the downside. The fall from 1.4345 near term top should hit the resistance turned support of 1.3651. The drop might be a correction for the rise from 1.3038, or for the lift from 1.1946. It might even cause a trend reversal. Following pivot points include: (S1) 1.3856; (P) 1.3927; (R1) 1.4020.

Breach of 1.3651 will align 1.3429 key fibonacci level. Over 1.3999 minor resistance, trading will turn up in the neutral position.

Firm breach of 1.3835 key resistance will confirm that recoil from 1.1946 is a correction for the long term downtrend from the maximum of 2.1161. Another lift should align 38.2% retracement of 2.1161 to 1.1946 at 1.5466. If 1.3038 support is present and if GBP/USD backs down, medium term forecast remains bullish.