FX.co ★ GBP/USD sideways movement, more declines need confirmation

GBP/USD Downtrend

The GBP/USD pair was traded at 1.1829 at the time of writing below the former high of 1.1850 which represents an upside obstacle. Also, the downtrend line represents an upside obstacle and dynamic resistance.

On the other hand, the 1.1778 and 1.1762 former lows are seen as downside obstacles. As long as the price stays under the downtrend line, GBP/USD could extend its downside movement.

GBP/USD Trading Conclusion

Staying below the downtrend line and dropping under 1.1762 could activate more declines and could bring new selling opportunities.