FX.co ★ GBP/USD: 1.2131 key downside obstacle

GBP/USD Gathering More Sellers!

The currency pair is trading at 1.2147 at the time of writing. After dropping below the uptrend line, the GBP/USD pair was expected to develop a downside reversal. Now, it has moved sideways in the short term, trying to attract more sellers before resuming its drop.

Failing to come back to test and retest the broken downtrend line announced strong selling pressure. Technically, the 1.2131 former low represents a key downside obstacle.

GBP/USD Trading Conclusion!

Dropping below 1.2131 announces more declines. This could be seen as a new selling opportunity.