Decline of GBP/USD Extends
Trading is on the downside, as decline from 1.4376 continues and reaches minimum 1.3579. Following pivot points include: (S1) 1.3544; (P) 1.3658; (R1) 1.3729.
Despite there is no sign of bottoming yet, running fall should aline fibonacci level 1.3448. Trading above minor resistance 1.3665 will become neutral for consolidation.
The pair’s forecast will remain bearish while 55 day EMA (now at 1.3955) keeps, even in case of strong recoil. A medium term bounce from 1.1936 has completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4248). The pair’s fall could widen to 38.2% retracement of 1.1936 to 1.4376 at 1.3448. The next target is 61.8% retracement at 1.2874 and below.