FX.co ★ GBP/USD: downside continuation validated

GBP/USD Strong Sellers!

The GBP/USD pair extended its downside movement in the short term and now is trading at 1.2334 at the time of writing. As you can see on the h1 chart, the rate dropped below the 1.2351 former low which represented a downside obstacle.

The downtrend line represents an upside obstacle. As long as it stays below it, the currency pair could drop towards new lows.

GBP/USD Trading Conclusion!

Dropping below 1.2351 activates more declines and is seen as a selling opportunity.