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The GBP/USD pair plunged today and invalidated an upside continuation. It was trading at 1.2129 at the time of writing above 1.2100 today's low. After its massive drop, the rate could try to rebound.
Fundamentally, the UK released high-impact economic figures, that's why the Pound register sharp movements. The GDP registered a 0.6% drop versus a 1.2% drop expected and compared to 0.4% growth in the previous reporting period, while the Prelim GDP fell by 0.1% compared to the 0.2% forecasted but worse than the 0.8% growth in the Q2.
In addition, the Manufacturing Production, Industrial Production, and Construction Output came in better than expected but worse compared to the last reporting period. Poor UK figures weakened the GBP. In the short term, the bias is bearish as the Prelim UoM Consumer Sentiment came in better than expected at 55.1 versus 52.5 points.
GBP/USD failed to stay above the 1.2181 triangle's support signaling strong downside pressure. Escaping from this triangle to the downside announced a new sell-off.
Now, it has found support on the weekly pivot point of 1.2120. For now, it has registered only false breakdowns below this downside obstacle. The 1.2100 today's low psychological level stands as a downside obstacle as well.
It could rebound as long as it stays above the pivot point. In the short term, it could back to test and retest the near-term downside obstacle before dropping deeper.
A new lower low, dropping and closing below 1.2100 could activate more declines and could bring new short opportunities with a potential downside target at the previous downtrend line.
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