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Pivot : 1.3319.
The GBP/USD pair continues to move downwards from the level of 1.3319. The pair fell from the level of 1.3319 to the bottom around 1.3200.
But the pair has rebounded from the bottom of 1.3160 to close at 1.3200. Today, the first support level is seen at 1.3160, the price is moving in a bearish channel now.
Furthermore, the price has been set below the strong resistance at the level of 1.3319, which coincides with the 23.6% Fibonacci retracement level.
This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend.
As a result, if the GBP/USD pair is able to break out the first support at 1.3160 , the market will decline further to 1.3061 in order to test the weekly support 2.
Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.3200 with the first target at 1.3160 and further to 1.3060 in coming hours.
Thus, amid the previous events, the price is still moving between the levels of 1.3200 and 1.3161. If the GBP/USD pair fails to break through the support level of 1.3061, the market will decline further to 1.3061 as as the third target.
On the contrary, if a breakout takes place at the resistance level of 1.3320, then this scenario may become invalidated.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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