The GBP/USD pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 1.2458 or lower. Immediate support is seen around 1.2458. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.2458, because in general, we remain bearish on June 1sth, 20226. Yesterday, the market moved from its top at 1.2686 and continued to drop towards the bottom of 1.2458. Today, on the one-hour chart, the current fall will remain within a framework of correction. However, if the pair fails to pass through the level of 1.2458 (minor support), the market will indicate a bearish opportunity below the strong resistance level of 1.2537 (the level of 1.2537 coincides with the ratio of 61.8% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.2500 with the first target at 1.2409 so as to test the double bottom. If the trend breaks the double bottom level of 1.2409, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2329 in order to test the weekly support 1.
