Overview:
The GBP/USD pair has dropped sharply from the level of 1.4011 towards 1.3858 since last week. Today, the price is set at the level 1.4011 that will act as a weekly pivot point. The GBP/USD pair is still moving between 1.4011 and 1.3716. Furthermore, the price has been set below the strong resistance at the levels of 1.4011 and 1.3906. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend from the spots of 1.4011 and 1.3906. From this point, the GBP/USD pair is continuing with a bearish trend from the new resistance of 1.3906. Thereupon, the price spot of 1.4011 and 1.3906 remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.3906, sell below 1.3906 with the first targets at 1.3840 and 1.3720 (the weekly support 1 is seen at 1.3716). However, the stop loss should be located above the level of 1.4020.