GBP/USD Recommenced

Technical Reports

The pair recommenced after the drop to 1.3307. Trading became neutral. Under 1.3307, the corrective increase from 1.3203 will be finished. In that case, GBP/USD will align repeat test of 1.3203. Following pivot points include: (S1) 1.3323; (P) 1.3362; (R1) 1.3416.

Breach will extend the decline from 1.4376 towards 50% retracement of 1.1946 to 1.4376 at 1.3161 and 61.8% retracement at 1.2875. Over the minor resistance of 1.3424, the corrective lift will resume through 1.3471. Then, the lift will be over.

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 1.3617 resistance is present, the forecast will remain bearish.