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GBP/USD has been trading sideways that is displayed on the Daily chart, but I hope that we'll see a clear direction soon. The pair is going through a corrective phase after the impressive rally. GBP/USD has retreated as much as 38.2% level, so a valid breakdown below this obstacle will confirm a broader correction.
The pair has rallied today and it tries to erase yesterday's losses. We'll see what will happen in the upcoming days. Meanhwile, the price is trapped inside the support area. Technically, GBP/USD remains under selling pressure, but as I've said above, we need a confirmation that we'll have a larger drop.
GBP/USD is located inside the 1.2975 - 1.2905 support area, it has rebounded from right below the 38.2% retracement level, but in my opinion, the pair maintains a bearish outlook as long as it stays below the inside sliding parallel line (sl - ascending dotted line). The price has failed to retest the median line (ML) in the last attempt, signaling that the bears are strong.
A valid breakdown below the 38.2% retracement level and below the 1.2900 psychological level will confirm a further drop at least till the 50% retracement level. GBP/USD continues to pressure the support area, it has registered only false breakdowns, but it continues to stay near this area, signaling a potential valid breakdown afterall.
I believe that a further drop could be invalidated only by another major false breakdown and by an increase above the median line (ML) of the major ascending pitchfork. GBP/USD remains bearish also because it has failed to come back to test and retest the upper median line (uml) of the descending pitchfork.
So, we need only a confirmation that the pair will resume the corrective phase. Another lower low could validate this scenario, the major downside target is seen at the lower median line (LML) of the ascending pitchfork. GBP/USD will approach this line if it ignores the 50% and 61.8% levels.
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