Overview:
- Yesterday, the GBP/USD pair reached a new minimum at the price of 1.2835. Right now, the price is set at 1.2868.
- So, today the price may reach one more minimum around the spot of 1.2906, which coincides with the ratio of 50% Fibonacci restracement.
- Today, the GBP/USD pair is challenging the psychological resistance at 1.2906. So, the resistance is seen at the level of 1.2906 in the one-hour time frame.
- We expect the GBP/USD pair to continues moving in a downtrend below the level of 1.2906 towards the first target at 1.2835, while major resistance is found at 1.2975 (double top).
- On the downside, a clear break at the level of 1.2835 could trigger further bearish pressure testing 1.2782, which represents the major support today.
Forecast:
- As a result, it is gainful to sell below this price of 1.2906 with targets at 1.2835 and 1.2782. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.2975.
Daily Technical level:
- Major resistance: 1.3018
- Minor resistance: 1.2975
- Intraday pivot point: 1.2906
- Minor support: 1.2835
- Major support: 1.2782
