GBP/USD Sharply Down

Fortunately for Sterling bears, the pair is now trading more than 400 pips lower compared to the week before. Current price is 1.4060, but seeing the sharp downtrend on the daily, it might as well try to test the levels around 1.36.

Be aware that all time low of 1.3447 might also come into consideration as a possible target for bears in the long-term.

On the other hand, bulls are trying to stop the pair from going lower than 1.4070 and if they are successful then we will see a reverse head and shoulders formation on the daily. This means that we are currently at support and we should see price bounce off current levels.

Chart: GBP/USD D1