Short Term Minimum in GBP/USD
The pair is holding inside of restricting diapason over the short term minimum of 1.4008. Strong breach of 1.3982 will suggest conclusion of increase from 1.3711. Trading will then turn up on the downside to repeat test of 1.3711. Following pivot points include: (S1) 1.4023; (P) 1.4056; (R1) 1.4091.
Sustained recoil from 1.3982 and breach of 1.4243 will align 1.4345 resistance. Firm breach in that area will extend bigger uptrend and align 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519.
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.