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The GBP/USD pair is trading in the red at the time of writing and it seems very heavy, so more declines are in cards. After its amazing growth, a sell-off is natural, the rate could approach and reach new demand zones before developing a new upside movement.
Fundamentally, the UK reported mixed data earlier today. The Final GDP and Current Account came in better than expected while Nationwide HPI and Revised Business Investment indicators came in worse than expected.
In the short term, the bias is bearish as the price action signals exhausted buyers. Still, the US data could be decisive later. The Revised UoM Consumer Sentiment, Core PCE Price Index, Chicago PMI, Personal Income, and Personal Spending indicators are expected to come in worse compared to the previous reporting period. Poor data should weaken the greenback again.
Technically, the GBP/USD pair found resistance at the weekly R2 (1.2420) and now it has turned to the downside. Now, it challenges the 1.2365 former low at the time of writing.
Personally, I've drawn a descending pitchfork hoping that I'll catch a new sell-off. So, as long as it stays below this dynamic support, the GBP/USD pair could approach and reach new lows.
A valid breakdown below 1.2365 activates more declines. This could be seen as a short opportunity. The weekly R1 (1.2330), 1.23, and the median line (ml) represent downside targets.
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