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The GBP/USD pair continues to move downwards from the areas of 1.2590 and 1.2541. Yesterday, the pair dropped from the level of 1.2590 to 1.2511.
The level of 1.2590 represents a major resistance, it coincides with a ratio of 61.8% Fibonacci on the H1 chart.
Today, resistance is seen at the levels of 1.2590 and 1.2541. So, we expect the price to set below the strong resistance at the levels of 1.2590 and 1.2541; because the price is in a bearish channel now.
Amid the previous events, the price is still moving between the levels of 1.2541 and 1.2462.
In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2541. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.2511, the market will decline further to 1.2462 (daily support 2).
Moreover, the price will fall into a bearish trend in order to go further towards the strong support at 1.2360 to test it again. The level of 1.2262 will form a double bottom.
On the other hand, if the price closes above the strong resistance of 1.2590, the best location for a stop loss order is seen above 1.2630.
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