FX.co ★ GBP/USD Under Massive Pressure!

The pound loses more ground after the UK data release. GBP/USD has taken out another downside obstacle confirming further declines. USDX significant growth should push the pair towards the 1.25 psychological level.

The corrective phase was confirmed so a deeper drop is natural at this moment. Short-term rebounds could help us to sell GBP/USD again.

The breakdown below the median line (ML) was validated by yesterday's bearish candlesticks. Now, GBP/USD has confirmed a further drop after making only a false breakout above the S3 (1.2833) level.

It's traded below 1.2813 static support, the last bearish candlestick suggests selling with targets at 1.2647, 1.2542, and lower at 1.25.

• GBP/USD Trading Tips

Sell a bearish closure below 1.2773 former low with an immediate downside target at 1.2647 level. The 1.25 and the 50% Fibonacci line could attract the rate as long it stays under the downtrend line.