Previously, the GBP/USD pair remained under bearish pressure to challenge the lower limit of the channel around 1.3000 which failed to hold prices above.
Shortly after, a new daily low was established around 1.2150 which was bypassed few days after.
However, considerable support zone existed around 1.1850-1.1900 which has prevented further bearish decline for sometime.
However, as bullish momentum started to fade away, more bearish visits were expected to challenge these recently visited price levels.
The price level of 1.1670 was the nearest key-level to be visited. In the meanwhile, it's failing to provide sufficient bullish support for the pair.
Based on the upcoming price action and the current weekly candlestick closure, the next destination for the GBP/USD pair may be determined.
Please note that Significant bullish recovery has been witnessed during the recent bearish dip that took place few weeks ago. However, price action after breakdown of the price levels of 1.1670 (123% Fibonacci Extension) will be the determinant of the upcoming movement.
Any bullish breakout above 1.1670-1.1700 should invalidate the ongoing bearish momentum and enable further bullish advancement towards 1.2050 and 1.2200.
