GBP/USD’s Sideway Trading

Technical Reports

Pair’s trading condition is neutral. Sideway trading over the short term minimum of 1.4008 favors. Sustained breach of 1.3982 support will argue ending of the lift from 1.3711 and push trading to the downside to repeat test of 1.3711. Following pivot points include: (S1) 1.4029; (P) 1.4062; (R1) 1.4112.

Firm recoil from 1.3982 and breach of 1.4095 minor resistance will turn trading to the upside to 1.4243. Breach will extend the rally from 1.3711 to the maximum of 1.4345.

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.