GBP/USD: Fall Resumption
Trading is on the downside, as fall from 1.4376 resumed after short consolidation. Running decline targets fibonacci level 1.3448. Following pivot points include: (S1) 1.3528; (P) 1.3597; (R1) 1.3639.
Trading above 1.3665 will point out a short term bottom. Still, consolidation is widely expected before another decrease.
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.