GBP/USD: Another Fall Is Expected
Trading is neutral, but another fall is expected, considering minor resistance 1.2824. Trading above minor resistance 1.2824 will back to the upside for recoil. Pivot points are at: (S1) 1.2674; (P) 1.2749; (R1) 1.2800.
Overcoming of 1.2725 should widen running drop to retest key support 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.