GBP/USD's Lack of Impulse
The pair lacks impulse as 1.4222 level from 4 hour MACD has been met. Trading became neutral. If 1.3964 support holds, further increase is awaited. Following pivot points include: (S1) 1.4151; (P) 1.4187; (R1) 1.4214.
Over 1.4222/43, the cable will head towards maximum of 1.4345. Sustained breach of 1.4345 will extend medium term rally and align 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519.
Medium term forecast stays bullish if the resistance turned support of 1.3651 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 1.3651 will indicate a medium term reversal and head towards 1.3038 support.