Restoration of GBP/USD's Intact Drop
Pair’s consolidation from a temporary bottom of 1.3459 is extending. Trading is still neutral. Breach of 1.3617 minor resistance will push trading to the upside towards firmer recommencement. Following pivot points include: (S1) 1.3493; (P) 1.3545; (R1) 1.3588.
38.2% retracement of 1.4376 to 1.3459 at 1.3809 should restrain the upside. Decisive breach of 1.3448 fibonacci level will argue restoration of an intact drop from 1.4376 and align 1.2874 fibonacci level.
According to bearish divergence condition in daily MACD, the entire medium term recoil from 1.1936 has ended at 1.4376. The cable was rejected from 55 month EMA of 1.4223. Breach of 38.2% retracement of 1.1936 to 1.4376 at 1.3448 will head towards 61.8% retracement at 1.2874 and lower. While 55 day EMA of 1.3861 holds, the forecast remains bearish.