GBP/USD :
In the one-hour time frame, the trend is still bearish as long as the level of 1.3174 is not broken. The level of 1.3174 has been rejected several times confirming the validity of a bearish market today. So, resistance is seen at 1.3203.
The market is still indicating a strong bearish trend from the spot of 1.3174 - 1.3203. Thereupon, it would be wise to sell below the level of at 1.3174 with the primary target at 1.3109, which represent the ratio of 23.68% Fibonacci Expansion.
On the downside, a clear break below 1.3109 could trigger further bearish pressure testing 1.3050, which coincides with a double bottom.
Then, the trend is keeping its bearish momentum today. As a result, it is gainful to sell below this price (1.3174) with targets at 1.3109 and 1.3050.
We expect a new range below the area of 1.3174 towards the daily support of 1.3050. The bias remains bearish in the nearest term testing 1.3050 and 1.2927.
Consequently, the GBP/USD pair will probably be moved between the levels of 1.3174 and 1.2927. Alternatively, stop loss has always been in consideration. Hence, it will be useful to set it above the resistance of 1.3243.
