The GBP/USD pair continues to descend after a rollback to the lower boundary of the uptrend.
Earlier on a 4-hour graph, the GBP/USD had formed Shooting Start candlestick that indicates the downside signal.
This candlestick emerged after the currency pair could not breach the mark of 1.6100, which means that the bulls did not fixate here. Further, the bears started to increase their influence.
The breakout of Fibonacci correctional level 23.6 means that this viewpoint is correct. The breakthrough of the support level of 1.5751 will target a pair at Fibonacci correctional level 61.8 at 1.55.
However, in case the resistance level of 1.6100 is broken through then short positions should be closed, as It will lead to increase to January 2010 high – 1.6378.
