GBP/USD: Drop Has Resumed
Trading is on the downside, as fall resumed and reached 1.3459. Following pivot points include: (S1) 1.3444; (P) 1.3530; (R1) 1.3602.
Overcoming of 1.3617 will point out a short term bottoming. Still, break of fibonacci level 1.3448 will aline next fibonacci level at 1.2874. It is forecast, that trading would back to the upside in a near term for stronger bounce.
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.