The GBP/USD pair settled below the 1.3058 level. The next major resistance is 1.30815, below which the price might slide to 1.3029. The main breakdown support is near the 1.3000 level.
Right now, the GBP/USD pair started a fresh decline from well above the 1.3058 level against the US Dollar. The GBP/USD pair moved below the 1.3058 resistance to enter a bearish spot.
Overall, the GBP/USD pair is showing bearish signs below the level of 1.3058. If BTC breaks the 1.3000 level, there is a risk of a move towards the 1.3000 level in the near term.
Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
An immediate support on the downside is near the 1.3000 level. The next key support is near the 1.2981 level. A clear break below the 1.2981 support could lead the pair towards the 1.2950 support.
This would suggest a bearish market because the RSI indicator is still in a negative zone and does not show any trend-reversal signs.
The GBP/USD pair might continue to move down below the 1.2950 support area. The next key support is near 1.2920 level, below which there is a risk of a move towards the 1.2920 handle.
On the contrary, if a breakout takes place at the resistance level of 1.3081, then this scenario may become invalidated.
