Overview:
- The GBP/USD pair continues to move downwards from the areas of 1.4236 and 1.4200. The pair dropped from the level of 1.4236 to 1.4114. Today, resistance is seen at the levels of 1.4200 and 1.4236. So, we expect the price to settle below the strong resistance at the levels of 1.4200 - 1.4236 because the price is in a bearish channel now.
- Amid the previous events, the price is still moving between the levels of 1.4236 and 1.4114. Overall, we still prefer the bearish scenario as long as the price is below the level of 1.4236. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.4114, the market will decline further to 1.4069. On the other hand, if the pair fails to pass through the level of 1.4069, the market will indicate a bullish opportunity above the level of 1.4069. Hence, the market will rise further to 1.4236 in order to return to the daily top (1.4236). Moreover, a breakout of that target will move the pair further upwards to 1.4364.
Weekly technical levels:
- R3: 1.5027
- R2: 1.4843
- R1: 1.4548
- PP: 1.4364
- S1: 1.4069
- S2: 1.3885
- S3: 1.3590
