GBP/USD: Consolidation Is In Progress
Trading is neutral for consolidation above temporary low 1.2777. Still, further fall is expected and break of 1.2661 will renew larger downtrend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3297 at 1.2237. Pivot points are at: (S1) 1.2773; (P) 1.2813; (R1) 1.2834.
Overcoming of minor resistance 1.2919 will point out a short term bottoming. Break of 1.2777 will point out resumption of the fall from 1.3297 to 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.