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Overview :
The GBP/USD pair failed to settle above the resistance at 1.3396 and is trying to get below the top of 1.3396. Noted that the GBP/USD pair dropped perfectly, remain bearish for a further drop.
The resistance of 1.3396 has been rejected two times confirming the validity of a downtrend. Moreover, in larger time frames the trend is still bearish as long as the level of 1.3396 is not breached .
This resistance level (1.3396) has already been tested several times and proved its strength. If the GBP/USD pair manages to settle down this resistance level, it will gain downside momentum and head towards the next pivot point at last week low at 1.3295. A move below 1.3295 will open the way to the test of the support at 1.3242.
Equally important, the GBP/USD pair is still moving around the key level at 1.3295, which represents a daily pivot in the H1 time frame at the moment.
RSI (14) has made a recent bearish exit which is in line with the bearish exit we're seeing in price. Moreover, the RSI is still signaling that the trend is downward as it remains strong beow the moving average (100). This suggests that the pair will probably go down in coming hours.
If the pair fails to pass through the level of 1.3396, the market will indicate a bearish opportunity below the strong resistance level of 1.3396.
In this regard, sell deals are recommended lower than the 1.3396 level with the first target at 1.3295. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.3242.
On the support side, the nearest support level for the GBP/USD pair is located at 1.3242. In case the GBP/USD pairdclines below this level, it will head towards the next support which has emerged at 1.3195 (last bearish wave).
A move below the support at 1.3300 will push the GBP/USD pair towards the next support level near the 100 EMA at 1.3140.
However, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.3396 (notice that the major resistance today has set at 1.3396).