GBP/USD: Downward Trend Continues
Trading is on the downside for support zone 1.2661/2784, as fall from 1.3297 continues. Moreover, break of 1.2661 will renew larger downtrend from 1.4376. Pivot points are at: (S1) 1.2770; (P) 1.2845; (R1) 1.2893.
Price moves from 1.2661 are a corrective. Overcoming of minor resistance 1.2919 will point out a short term bottoming. Break of 1.2784 will aline low 1.2661.
A medium term bounce from 1.1946 should have completed at 1.4376 already, after rejection from 55 month EMA. Overcoming of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. Downtrend resumption is forecast. This will be the preferred case while 38.2% retracement of 1.4376 to 1.2661 at 1.3316 keeps.