GBP/USD Dips Lower
Trading is on the downside and fall from 1.3174 is likely resuming. Trading above resistance 1.2927 will back to the upside for another bounce. Pivot points are at: (S1) 1.2703; (P) 1.2765; (R1) 1.2803.
Overcoming of support 1.2723 will bring retest of key support level 1.2661. While further growth is expected, upside should be limited by fibonacci level 1.3316. Price moves from 1.2661 are viewed as a consolidation.
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.