FX.co ★ GBP/USD

Hello traders, I want to analyze the GBP/USD pair on the weekly timeframe. The price is in a descending correction, and last week once again confirmed the intention to decrease. I mentioned earlier that there was an approach to the 14.6% Fibonacci retracement resistance. It was not tested, but the price started to pull back. I didn't like this situation back then because it was unclear whether to expect a full reversal. Time has shown that the price indeed was not at that level and changed its direction not because of it. The pair rose to the level and thoroughly tested it, almost reversing at one point. This entire rise from 38.2% to 14.6% is an internal pattern, confirming the target at the 61.8% level (1.2750) for GBP/USD. The probability of a decline towards it is increasing.