GBP/USD's Corrective Recommencement
Pair’s corrective recommencement from 1.3711 is resuming. It has almost reached 4 hour 55 EMA. Trading tone is neutral. If the whole 1.4144 resistance holds, short term prognosis stays slightly bearish. Following pivot points include: (S1) 1.3763; (P) 1.3789; (R1) 1.3824.
Correction from 1.4345 should align resistance turned support of 1.3651 and lower. The decline has a corrective manner. Firm support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 should restrain downside and cause 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.