GBP/USD's Support Turned Resistance

Technical Reports

Pair’s drop hits 1.2773 minimum. GBP/USD hit 100% projection of 1.3362 to 1.2956 from 1.3212 at 1.2806. Trading remains on the downside to 161.8% projection at 1.2555. Following pivot points include: (S1) 1.2793; (P) 1.2852; (R1) 1.2884.

Over the minor resistance of 1.2854, trading will turn up in the neutral position and the consolidation will occur. The support turned resistance of 1.2956 will bound upside and draw a 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.