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GBP/USD plunged and now is flirting with strong static support. A valid breakdown may activate a larger drop in the coming weeks. The USD could take full control and could dominate the currency market again if the US data comes in better than expected during the week.
Tomorrow could be decisive for GBP/USD as the US releases its inflation data, while the UK publishes significant economic figures. Technically, the pair has shown that the upside is limited, so the price could develop a broader corrective phase.
GBP/USD stands right above 1.3673 static support. A valid breakdown through it and below the daily S (1.3664) could attract more sellers. It's traded back within the down channel's body after failing to validate the breakout above the downtrend line.
Technically, the rate could come back to test and retest the downtrend line before resuming its downwards movement.
Dropping and closing below the S1 (1.3664) could represent a bearish signal with a first downside target at the weekly R1 (1.3608).
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