GBP/USD Sideways Movement!
The currency pair is trading sideways in the short term. The current range could represent a downside continuation pattern. As long as it stays under the downtrend line, GBP/USD could drop towards fresh new lows anytime. 1.2275 former low stands as a downside obstacle.
Technically, the downtrend line represents a dynamic upside obstacle. In the short term, it could try to reach and retest the downtrend line.
GBP/USD Trading Conclusion!
The GBP/USD pair could activate a larger downside movement if it drops and stabilizes below 1.2275. This scenario could bring new selling opportunities.
On the other hand, staying above 1.2275 and jumping above the downtrend line and above 1.2422 could signal an upside reversal and could bring new buying opportunities.
