GBP/USD’s Resistance Turned Support
Pair’s trading stays neutral towards consolidation over the short term minimum of 1.3764. Breach of 1.4066 minor resistance will indicate that corrective retreat from 1.4345 has finished. In that case, trading will turn up on the upside to repeat test of 1.4345 level. Following pivot points include: (S1) 1.3859; (P) 1.3938; (R1) 1.4075.
Breach will extend bigger uptrend. Under 1.3764, the correction will reach the resistance turned support of 1.3651.
Medium term forecast stays bullish if 1.3038 support stands. Increase from 1.1946 is a correction for the long term downtrend from the maximum of 2.1161. Another rally should align 38.2% retracement of 2.1161 to 1.1946 at 1.5466. The pair can’t surpass 55 month EMA. Breach of 1.3038 support will indicate ending of the lift from 1.1946, which will make prognosis bearish till repeat test of this level.