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The GBP/USD pair crashed after the US data on Friday. It has dropped as much as 1.2021 today where it has found support. Technically, the bias remains bearish despite temporary rebounds or sideways movements. It's trading at 1.2026 at the time of writing and it seems very heavy.
Fundamentally, the FED and BOE increased the rates as expected in the February meeting. The USD dominated the currency market after the NFP, Unemployment Rate, and ISM Services PMI came in better than expected in the last trading session.
Today, the UK Construction PMI came in at 48.4 points versus the 48.5 points expected. Tomorrow, Halifax HPI and the BRC Retail Sales Monitor will be released. On the other hand, the US Trade Balance and the Fed Chair Powell's Speaks could have a strong impact tomorrow.
Technically, the GBP/USD pair registered a valid breakdown below the 61.8% (1.2073) retracement level signaling a downside reversal. The rate is trapped between 1.2021 and 1.2077 levels in the short term.
The descending pitchfork's lower median line (lml) represents dynamic support. Taking out the immediate obstacles may announce more declines.
Dropping again below the lower median line (lml) and a valid breakdown below 1.2021 activates more declines and brings a new selling opportunity with a potential target at S1 (1.1920).
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