GBP/USD’s Resistance Turned Support
Pair’s trading tone is neutral and the consolidation is extending. Breach of 1.4144 will resume the recoil from 1.3764 and head towards a test of 1.4345 resistance. Breach in that zone will enlarge bigger uptrend to hit a 1.5105 long term trend line resistance. Following pivot points include: (S1) 1.3912; (P) 1.3958; (R1) 1.4014.
Under 1.3764, the correction from 1.4345 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.