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The GBP/USD pair traded at 1.1900 this Monday July 11th, decreasing from the level of 1.1979 since the previous trading session. The British pound (GBP) has fallen over 9% against the US dollar (USD) since the start of the year. With UK inflation elevated and still rising, the cost of living crisis taking hold, growth slowing and ongoing Brexit woes, the outlook for the pound is deteriorating. Looking back, over the last weeks, GBPUSD lost 2%. Over the last 12 months, its price fell by 14%. Looking ahead, we forecast British Pound US Dollar to be priced at 1.1800 by the end of this week and at 1.1600 in the end of july. According to the previous events, we expect the GBP/USD pair to trade between 1.1936 and 1.1800. So, the support stands at 1.1800, while daily resistance is found at 1.1936. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.1936. The GBP/USD pair continues to move upwards from the level of 1.1936. Today, the first support level is currently seen at 1.1800, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1936, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected three times confirming the veracity of a downtrend.
It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.1936 and 1.1800 in coming hours.
Moreover, the price spot of 1.1936 remains a significant resistance zone. Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective.
Thus, the trend is still bearish as long as the level of 1.1936 is not breached.
In order to indicate the bearish opportunity below 1.1936, sell below 1.1936 with the first target at 1.1865 in order to test yesterday's bottom.
Additionally, if the GBP/USD pair is able to break out the bottom at 1.1936, the market will decline further to 1.1800 in order to test the daily support 2.
At the same time, if a breakout happens at the resistance levels of 1.1936, then this scenario may be invalidated. But in overall, we still prefer the bearish scenario.