GBP/USD’s 55 Month EMA
Pair’s trading is neutral. Breach of 1.4144 will enlarge the recoil from 1.3764 and head towards a test of 1.4345 resistance. Breach in that region will extend bigger uptrend to hit a long term trend line resistance of 1.5105. Following pivot points include: (S1) 1.3878; (P) 1.3933; (R1) 1.4010.
Under 1.3764, the correction will reach 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.