GBP/USD's Fall Restoration
Pair's choppy decline as well as breach of 1.3764 proves restoration of the fall from 1.4345. Trading is on the downside to the resistance turned support of 1.3651 and even lower. The drop is considered as a correction. Following pivot points include: (S1) 1.3704; (P) 1.3810; (R1) 1.3864.
Sustained support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 should restrain downside and draw recoil. Breach of 1.4144 resistance will argue ending of the fall. Short term projection will stay slightly bearish.
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.