Overview:
Pivot : 1.2959.
The GBP/USD pair faces resistance at 1.2959, while strong resistance is seen at 1.3020. Support is found at 1.2848 and 1.2810 levels.
The GBP/USD pair continues to move downwards from 1.2959 level. The pair could fall from 1.2959 level to the first support around 1.2848. In consequence, if the GBP/USD pair will break support at 1.2848, this level will turn into resistance (1.2959) today. In the H1 time frame, the 1.2959 level is expected to act as minor resistance.
Hence, we expect the GBP/USD pair to continue moving in the bearish trend from 1.2959 level towards the target at 1.2848. In the long term, if the pair succeeds in passing through 1.2848 level , the market will indicate the bearish opportunity below 1.2848 level in order to reach the second target at 1.2810.
However, the 1.2810 mark remains a significant support zone. Thus, the trend will probably rebound again from 1.2810 level as long as this level is not breached. in overall, we still prefer the bearish scenario below the area of 1.2959.