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 historical low levels.
Shortly after, Quick bearish decline was executed towards 1.1075 & 1.0860 where significant Fibonacci Expansion levels are located.
Based on the upcoming price action and the current weekly candlestick closure, the next target level for the GBP/USD pair can be determined.
Further bearish decline towards 0.9950 may be expected shortly unless the current re-closure above 1.0860 is maintained for some time. If so, the current scenari would be a high probability bullish pullback at least towards 1.1400.
