Recently, short-term outlook has turned into bearish after the GBP/USD pair could maintain movement below the price zone of 1.3900-1.3850 which corresponded to (61.8%-50%) Fibonacci zone.
However, the pair has recently failed to drop below the price level of 1.3670.
Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.
Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600. Hence, Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.
However, the GBPUSD pair was contained above the demand level of (1.3660) and below the key-level around 1.3900 before a temporary bullish spike could reach the price level of 1.4000 earlier this week.
This failed bullish spike above 1.3900 will probably lead to quick bearish decline. Initial bearish target would be located at 1.3700, 1.3660 and 1.3550.