GBP/USD's Short Term Minimum
Pair’s short term minimum is in place 1.3711. Trading became neutral. If 1.4144 resistance is present, another decline is awaited. Under 1.3711, GBP/USD will align resistance turned support of 1.3651 and lower. Following pivot points include: (S1) 1.3729; (P) 1.3756; (R1) 1.3802.
The drop is considered as a correction. Sustained support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 will restrain downside and lead to recoil.
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.