GBP/USD's Recommencement is Projected
Pair’s consolidation from 1.3203 is resuming. Trading stays neutral. Another recommencement is expected. While 1.3617 resistance stands, short term prognosis will stay bearish. Following pivot points include: (S1) 1.3265; (P) 1.3306; (R1) 1.3336.
Drop from 1.4376 should expand. Under 1.3203, GBP/USD will head towards 50% retracement of 1.1946 to 1.4376 at 1.3161. Breach will align 61.8% retracement at 1.2875.
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. 61.8% retracement of 1.1936 to 1.4376 at 1.2874 will be hit in the near term. Long term downtrend restoration is so far unlikely. While 55 day EMA stands, the forecast will remain bearish.