GBP/USD Continues To Lose Downside Impulse
Trading is on the downside, as fall from 1.4376 resumed to fibonacci level 1.3448. Following pivot points include: (S1) 1.3478; (P) 1.3532; (R1) 1.3578.
Trading above minor resistance 1.3588 will point out a short term bottom. Still, consolidation is widely expected before another decrease. A stronger recovery is possible to 4 hour 55 EMA (now at 1.3725).
The pair’s forecast will remain bearish while 55 day EMA (now at 1.3925) 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 at1.4223). 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.