GBP/USD: Fall Extends
Trading is on the downside for retesting minimum 1.3048, as drop from 1.3362 continues. Current development should confirm completion of corrective recoil from 1.3048. Pivot points are at: (S1) 1.3175; (P) 1.3209; (R1) 1.3239.
Trading above minor resistance 1.3300 will bring another recovery. It is forecast, that strong resistance from 1.3471 will limit upside. Overcoming of low 1.3048 will renew larger decline from 1.4376 for fibonacci level 1.2874.
Drop from 1.4376 should widen to 61.8% retracement of 1.1936 to 1.4376 at 1.2874. A medium term recoil from 1.1936 should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4179). Overcoming of 38.2% retracement of 1.4376 to 1.3048 at 1.3555 will point out a medium term bottoming. The pair’s forecast will stay bearish in case of strong bounce.