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The GBP/USD pair has dropped sharply from the 1.2331 level towards 1.2088. Now, price is set at the 1.2168 to act as a daily pivot point. It should be noted that the volatility is very high for that the price of the GBP/USD pair is still moving between 1.2190 and 1.2088 in the coming hours.
Furthermore, the price has been set below the strong resistance at the levels of 1.2181 and 1.2209 which coincide with the 38.2% and 50% Fibonacci retracement levels respectively.
Additionally, currently the price is in a bearish channel. According to the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.2181 and 1.2209.
Thereupon, the price spot of 1.2181 and 1.2209 remains a significant resistance zone.
Therefore, the possibility that the Pound will have a downside momentum is rather convincing and the structure of the fall does not look corrective.
In order to indicate a bearish opportunity below 1.2181 and 1.2209, it will be a good signal to sell below 1.2181 and 1.2209 with the first target of 1.2120. It is equally important that it will call for downtrend in order to continue bearish trend towards 1.2008. However, the stop loss should be located above the level of 1.2238.
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