Overview :
The GBP/USD pair fell from the level of 1.3624 to bottom at 1.3191. Today, theGBP/USD pair has faced strong support at the level of 1.3457.
So, the strong support has already faced at the level of 1.3457 and the pair is likely to try to approach it in order to test it again and form this support on the H1 chart.
Hence, the GBP/USD pair is continuing to trade in a bearish trend from the new support level of 1.3457; to form a bearish channel. According to the previous events, we expect the pair to move between 1.3528 and 1.3187.
Also, it should be noted major resistance is seen at 1.3624, while immediate resistance is found at 1.3528. Then, we may anticipate potential testing of 1.3528 to take place soon.
Moreover, if the pair fails in passing through the level of 1.3528, the market will indicate a bearish opportunity below the level of 1.3528.
A breakout of that target will move the pair further downwards to 1.3457.
Sell orders are recommended belo the area of 1.3528 with the first target at the level of 1.3457; and continue towards the objectives of 1.3354, 1.3290 and then the market will decline further to the level of1.3787 ( last bearish wave, low price).
Since the trend is below the region of 1.3624 - 1.3528, the market is still in a downtrend. Overall, we still prefer the bearish scenario.
On the other hand, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the last bullish wave at the level of 1.3624.
