FX.co ★ GBP/USD

On the daily timeframe of GBP/USD, it is clearly visible that the price is trading in a strong impulse. Just last week, it dropped to the 38.2% Fibonacci retracement support and started to bounce off it. During the day, a local correction appeared, which did not take the price where it needed to go. There was just a little more to go up, but the selling pressure turned out to be so strong that GBP/USD returned to a decline after a slight rise and broke today's low. I expect GBP/USD to go even lower. The final target is 1.2770, with support at 50% (1.2980) above. This is the nearest strong level, but probably won't drop directly to them from the current position. It has fallen too deep. Most likely, we will see a pullback soon, followed by a continuation of the decline to 50%.