GBP/USD’s Projection Level
Pair’s trading character is neutral. Another surge is projected if minor support of 1.3982 is present. Over 1.4243, the lift from 1.3711 will extend and align the maximum of 1.4345. Resilient breach in that area will prolong the bigger uptrend and head towards 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Following pivot points include: (S1) 1.4014; (P) 1.4046; (R1) 1.4074.
Strong breach of 1.3982 will suggest ending of recoil from 1.3711 and push trading to 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.