GBP/USD's Minor Resistance Level
Pair’s consolidation from 1.3048 is progressing. Trading is still neutral. If further recovery occurs, minor resistance of 1.3314 would bound upside and cause a drop restoration. Following pivot points include: (S1) 1.3087; (P) 1.3151; (R1) 1.3208.
Breach of 1.3048 will extend the drop from 1.4376 and align 61.8% retracement of 1.1946 to 1.4376 at 1.2875. Breach of 1.3314 will draw firmer recoil for the key resistance of 1.3471.
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 1.3471 resistance is present, the forecast will remain bearish.