GBP/USD’s Minor Resistance

Technical Reports

If the whole minor resistance of 1.3999 is present, pair’s trading stays on the downside. Drop from the temporary top of 1.4345 should reach resistance turned support of 1.3651. Following pivot points include: (S1) 1.3820; (P) 1.3907; (R1) 1.3967.

The decrease might be a correction for the rise from 1.3038, or for the lift from 1.1946. It might even cause a trend reversal. 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 GBP/USD backs down, medium term forecast remains bullish.