FX.co ★ GBP/USD in neutral zone

GBP/USD Minor Range Pattern!

The GBP/USD pair is trapped between the 1.2384 and 1.2183 levels in the short term. The outlook remains bearish as long as it stays under the downtrend line, so the price could drop deeper if traded below this dynamic upside obstacle.

In the short term, the rate could approach and reach the 1.2384 immediate high and the downtrend line. Testing and retesting these upside obstacles may signal a new downside movement. Only jumping and stabilizign above the downtrend line may signal that the downtrend is over and that the buyers could push the price higher.

GBP/USD Trading Conclusion!

Staying below the downtrend line and dropping below the 1.2183 formers low may activate more declines. This scenario could help the sellers to catch a downside continuation.