Overview :
The GBP/USD pair continues to move downwards from the level of 1.2178. Yesterday, the pair dropped from the level of 1.2178 (this level of 1.2178 coincides with the double top - 23.6% of Fibonacci) to the bottom around 1.2061.
Today, the first resistance level is seen at 1.2178 followed by 1.2250 (the weekly pivot point), while daily support 1 is found at 1.2000.
Also, the level of 1.2250 represents a weekly pivot point for that it is acting as major resistance/support this week.
On the H1 chart. the level of 1.2250 coincides with 38.2% of Fibonacci, which is expected to act as minor support today. Since the trend is below the 38.2% Fibonacci level, the market is still in an downtrend.
If the pair succeeds to pass through the level of 1.2000, the market will indicate a bearish opportunity below the level of 1.2000 so as to continue towards the next objective of 1.1930.
However, if a breakout happens at the resistance level of 1.2250, then this scenario may be invalidated.
