FX.co ★ GBP/USD: more declines ahead

GBP/USD Downtrend Intact!

The GBP/USD pair drops at the time of writing. It's trading at the 1.3128 level and it seems determined to drop deeper. Technically, as long as it stays under the downtrend line, the currency pair could approach and reach new lows.

As you can see, the GBP/USD pair failed to reach and retest the downtrend line signaling that the sellers are exhausted and that the sellers could take the lead again. 1.3101 former low stands as a static downside obstacle.

GBP/USD Trading Conclusion!

Dropping and stabilizing below the 1.3101 could activate a larger downside movement and could bring new selling opportunities.