Further Recommencement In GBP/USD
The pair fell to hit the 1.3104 minimum and aligned 1.3101 support. Breach will prolong the decline from 1.4376 and head towards 61.8% retracement of 1.1946 to 1.4376 at 1.2875. Following pivot points include: (S1) 1.3066; (P) 1.3154; (R1) 1.3203.
If further recommencement occurs, 1.3471 resistance would bound upside and draw restoration of the fall.
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 is present, the forecast will remain bearish.