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The GBP/USD pair continues to move downwards from the level of 1.2314. Yesterday, the pair dropped from the level of 1.2314 (this level of 1.2314 coincides with the ratio of 78% Fibonacci) to the bottom around 1.2155.
Today, the first resistance level is seen at 1.2235 (the daily pivot point) followed by 1.2314, while daily support 1 is found at 1.2105.
Also, the level of 1.2235 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 1.2234 towards the first support level at 1.2105 in order to test it.
If the pair succeeds to pass through the level of 1.2105, the market will indicate a bearish opportunity below the level of 1.2105 to set at 1.2028.
However, if a breakout happens at the resistance level of 1.2314, then this scenario may be invalidated.
On the downside long term:
If The price is in a bearish channel in coming time. Amid the previous events, the pair is still in an uptrend. On the one-hour chart, the GBP/USD is still below the MA 50H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the GBP/USD pair remains below MA 50 H1, it may be necessary to look for entry points to sell at the end of the correction. A break of 1.2026 minor support will bring retest of 1.1761 and 1.1679 low instead. Forecast : Pound Sterling is currently trading at 1.1850. However, if the trend reverses from this point, then a possible future share price target could be 1.2026. If the price of Pound Sterling is trading above 1.2026 then possibility of upside targets getting achieved is higher around the level of 1.2100.
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