Hello traders! Assessing the current positions of the GBP/USD currency pair, I would like to note that the medium-term direction continues to point south. However, in the near future, the movement may be uncertain, and the pair could either continue downwards from the current position at 1.3198 or reverse back upwards, aiming to reach the Murray reversal level 1/8 at 1.3214. This is indicated by the last four-hour candlestick, which has a "doji" shape. Nevertheless, I believe that the stochastic indicator could still provide some support for the bears. Therefore, initially at the opening of trading, I think that the GBP/USD pair will move towards testing the Murray support level 0/8 at 1.3184. From there, it is likely that the bulls will bounce back towards the aforementioned Murray level 1/8. However, later in the week, the pair is expected to continue its southward movement, with the main target being to update the current pair's minimum near the Murray level -1/8 at 1.3153, aiming to break through this level and indicating further development of the medium-term descending four-hour trend.
