Medium Term Bottom In GBP/USD
Pair’s trading tone is neutral. Breach of 1.3070 minor support will point out ending of recoil from 1.2956. In that case, trading will turn up on the downside to repeat test of this minimum. Sustained breach in that place will extend deeper fall from 1.4376 to the fibonacci level of 1.2874. Following pivot points include: (S1) 1.3086; (P) 1.3129; (R1) 1.3168.
Over 1.3212, another recovery will be seen. Price behavior from 1.2956 is seen as corrective pattern. 1.3362 resistance should bound upside and cause a bigger fall restoration.
The intact medium term recoil from 1.1936 should have ended at 1.4376 after being rejected by 55 month EMA. Drop from 1.4376 should prolong for 61.8% retracement of 1.1936 to 1.4376 at 1.2874. Strong breach of 1.2874 will indicate a long term downtrend restoration through the minimum of 1.1946. Breach of 1.3362 resistance should argue medium term bottoming. Even if GBP/USD recoils, the forecast would stay bearish.