Overview:
- The GBP/USD pair continues to move downwards from the level of 1.3419. Yesterday, the pair opened at the level of 1.3434 to the bottom around 1.3202. Today, the first resistance level is seen at 1.3282 followed by 1.3434, while daily support 1 is found at 1.3019.
- Also, the level of 1.3292 represents a weekly pivot point for that it is acting as major resistance/support this week.
- Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.3282 towards the first support level at 1.3019 in order to form a new double bottom.
- If the pair succeeds to pass through the level of 1.3019, the market will indicate a bearish opportunity below the level of 1.3019.
- Moreover, the price spot of 1.3292 and 1.3434 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3292 is not breached.
