FX.co ★ GBP/USD more declines in view

GBP/USD rejected by an upside obstacle

As you can see on the H4 chart, the GBP/USD pair only retested the downtrend line and now it has started to drop again. As you already know from my previous analysis, GBP/USD could drop again as long as it stays below the downtrend line. Only stabilizing above the downtrend line and passing above 1.3610 may signal potential further growth, an upside continuation.

GBP/USD trading conclusion

Staying below the downtrend line and dropping below the former low (downside obstacle) may open the door for a larger drop. This scenario could bring new selling opportunities.