GBP/USD Recommenced

Technical Reports

The pair has recommenced while moving towards the minor support of 1.3982. Still, it’s bounded under 1.4243. Trading is still neutral. Another increase is expected if the entire minor support of 1.3982 holds. Following pivot points include: (S1) 1.4000; (P) 1.4029; (R1) 1.4048.

Over 1.4243, the increase from 1.3711 will expand and align the 1.4345 maximum. Firm breach should prolong deeper uptrend and align 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Decisive breach of 1.3982 will confirm conclusion of recoil from 1.3711. Trading will turn up on the downside to repeat test of 1.3711 level.

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 the minimum.