Overview:
- The GBP/USD pair continues to move downwards from the level of 1.2916. Yesterday, the pair dropped from the level of 1.2945 (this level of 0.9965 coincides with the double top) to the bottom around 1.2845. Today, the first resistance level is seen at 1.2919 followed by 1.2986, while daily support 1 is found at 1.2845. Also, the level of 1.2845 represents a weekly pivot point for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2916 towards the first support level at 1.2845 in order to test it. If the pair succeeds to pass through the level of 1.2845, the market will indicate a bearish opportunity below the level of 1.2845 with the next objectives of 1.2800 and 1.2750. However, if a breakout happens at the resistance level of 1.2950, then this scenario may be invalidated.
