GBP/USD Downtrend Intact!
The GBP/USD pair extended its downwards movement and now is located at 1.2184 at the time of writing. As you can see, the rate dropped within a down channel pattern. As long as it stays below the downtrend line, the price could hit new lows.
Technically, the downtrend line and the former high of 1.2205 represent upside obstacles. Still, its failure to reach and retest the channel's downside line signaled exhausted sellers.
GBP/USD Trading Conclusion!
Testing and retesting the downtrend line may announce more declines.
Jumping and stabilizing above the downtrend line and above 1.2205 invalidates a deeper drop and indicates an upside reversal.
