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Recently, hort-term outlook has turned into bearish after the GBP/USD pair could maintain movement below the price zone of 1.3820-1.3900 which corresponded to (61.8%-50%) Fibonacci zone.
However, the pair has recently failed to drop below the price level of 1.3670.
Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.
Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600 where the lower limit of the depicted movement channel could be tested.
Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.
However, the GBPUSD pair was trapped above the ascending trend (1.3670) and below the key-level around 1.3850 before a temporary bullish breakout above 1.3945 took place this week.
This failed bullish spike above 1.3900 will probably lead to more bearish decline. Initial bearish target would be located at 1.3700 and 1.3550.
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