GBP/USD On The Downside
Pair’s trading is still on the downside to 1.2956 minimum. Strong breach in that area will extend deeper fall from 1.4376 to the fibonacci level of 1.2874. Following pivot points include: (S1) 1.2976; (P) 1.3054; (R1) 1.3093.
Over the minor resistance of 1.3088, the correction from 1.2956 will prolong with further recoil through 1.3212. 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.