GBP/USD's Correction

Technical Reports

Pair’s trading is still on the upside to 1.4144 resistance. Corrective retreat from 1.4345 has finished at 1.3711. Breach of 1.4144 should suggest bullish sentiment and align the maximum of 1.4345 or higher. Following pivot points include: (S1) 1.3892; (P) 1.3942; (R1) 1.4011.

Under 1.3840 minor support, trading will turn up on the downside and corrective decline from 1.4345 will resume.

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.