GBP/USD's Broad Decline
Pair’s broad declined from 1.3711 has finished at 1.3929. It’s holding over the short term minimum of 1.3711. Trading character is neutral. Drop from 1.4345 is awaited. Following pivot points include: : (S1) 1.3757; (P) 1.3833; (R1) 1.3888.
Breach of 1.3711 will head towards resistance turned support of 1.3651 and lower. 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.