Another Recovery In GBP/USD Is Awaited
Trading is neutral with a temporary minimum at 1.3485. Consolidation from that point goes on. Following pivot points include: (S1) 1.3489; (P) 1.3541; (R1) 1.3598.
Overcoming of 1.3485 will renew the drop from 1.4376 to fibonacci level 1.3448. Upside should be bounded by 38.2% retracement of 1.4376 to 1.3485 at 1.3825.
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 at 1.4223). 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.