Trend analysis (Fig. 1)
GBP/USD may continue to dip on Thursday, from 1.3542 (closing of yesterday's daily candle) to 1.3466, which is the 61.8% retracement level (red dotted line). After that it will move to the 61.8% retracement level at 1.3580 (yellow dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - downtrend
Bollinger bands - downtrend
Weekly chart - downtrend
Conclusion: GBP/USD will drop from 1.3542 (closing of yesterday's daily candle) to the 61.8% retracement level at 1.3466 (red dotted line), then go to 1.3580, which is the 61.8% retracement level (yellow dotted line).
Alternatively, the pair could go down from 1.3542 (closing of yesterday's daily candle) to the 61.8% retracement level at 1.3466 (red dotted line), then move lower to the support line at 1.3440 (thick red line). After that it could bounce up to the 50% pullback level at 1.3440 (yellow dotted line).
