Fall Resumption In GBP/USD
Trading is on the downside, as the pair dips again after short recovery. Break of 1.2927 will widen the consolidation from 1.26661 with another growth. Pivot points are at: (S1) 1.2636; (P) 1.2738; (R1) 1.2817.
Overcoming of low 1.2261 will resume larger downtrend from 1.4376 and aline 1.1946. 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.