The GBP/USD pair registered a sharp drop last week as price went from 1.3430 to 1.3200. The pair has been depreciating since it reached the double top toward the end of April this year. The bearish trend looked like it was exhausted but market participants thought otherwise as the pair continued its way south last week.
GBP/USD will need a strong push to the upside in order to recover the losses incurred in the last two months.
If it dips below 1.32 again we could see it drop below the 0.618 Fib level which stands at 1.2983. Until then support is 1.32 and resistance is seen at 1.3491.
Chart: GBP/USD D1
Let's see how it will develop.
ReplyDeleteThe move to the downside has ended for now.
ReplyDeleteGreat analysis!
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteThe pair is consolidating the gains.
ReplyDelete