Downside Impulse in GBP/USD
Trading is on the downside, as decline from 1.4376 continues. Further fall to key support level 1.3711 is expected. Following pivot points include: (S1) 1.3720; (P) 1.3755; (R1) 1.3799.
Trading above minor resistance 1.3791 will become neutral for consolidation. Overcoming of 1.3711 will point out a medium term trend reversal. In that case the pair will aline fibonacci level 1.3448.
A medium term trend reversal is widely expected, with focus on support 1.3711. Overcoming of 1.3711 will confirm medium term trend reversal and aline 38.2% retracement of 1.1936 to 1.4376 at 1.3448. The next target is 61.8% retracement at 1.2874 and below. Break of 55 month EMA will point out a medium term upside momentum.