GBP/USD’s Short Term Minimum
Pair’s corrective pattern from the short term minimum of 1.3711 is progressing. Trading stays neutral. The fall from 1.4345 should develop. Under 1.3711, the decrease from 1.4345 will surpass resistance turned support of 1.3651. Following pivot points include: (S1) 1.3862; (P) 1.3887; (R1) 1.3928.
Firm support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 will retrain downside and draw 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.