GBP/USD's Consolidation in Diapason
Pair’s consolidation is progressing in 1.3450/3607 diapason. Trading is still neutral. Following pivot points include: (S1) 1.3470; (P) 1.3519; (R1) 1.3565
Over 1.3607, a temporary bottoming will be indicated and a firm recoil will align 55 day EMA. Sustained breach of 1.3448 will head towards 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.