The market is consolidating between the Super Trend Lines, which formed a 'Bullish Cross' a few days ago. Previously, the price hasn't fixated below 3/8 Murrey Math Level, which led to the current upward correction. The price couldn't reach 5/8 MM Level, which brings more evidence for the bearish scenario. If the pair take hold under the Daily Super Trend Line and 4/8 MM Level, there'll be a green light for another decline. A 'Bearish Cross' by ST-Lines will confirm the outlook.
The nearest target is 3/8 MM Level, which acted as support before. If this level turns out to be broken, we should watch 2/8 MM Level as the next target. However, if the pair returns above the H4 ST-Line, this scenario will be under pressure. If this happens, there'll be an option to have a larger upward correction, potentially towards 6/8 MM Level. Additionally, the market may continue consolidating in the coming days. In this case, the bearish outlook will remain in force.
The bottom line is that GBP/USD is still in a bearish mood. If the market fixates under the Daily ST-Line and 4/8 MM Level, there'll be a green light for a decline towards 3/8 or even 2/8 MM Level.
