FX.co ★ GBP/USD

On the monthly timeframe for GBP/USD, you can see that the price has pulled back from the trendline. It tested it but failed to break through. I believe that a move lower will happen in any case and that GBP/USD will not go to the high to update it. Last year the price rose to the 50% Fibonacci retracement resistance and a pullback started. After that, we ended up at this same level again. I think a correction has now begun and sellers have a daily target at 1.2770. I expect a decline toward that level. You can also use the Fibonacci retracement to find your own targets. If 1.2770 is broken, then we should expect a deeper decline, and below that lies the 23.6% level around the round price of 1.2000. I think the price can drop to that level as well, but it will take a lot of time.