FX.co ★ dusty24 | GBP/USD

Well, my analysis didn't let me down, not at all. Yesterday, I indicated that we would likely see a pullback of the GBP/USD pair downwards from the market open:

I pointed out that towards the market close, buyers pushed the price to test the previously broken ascending support line. Following the classic technical analysis, we saw a price bounce downwards from this line:

And here is the result. First, we had a downward "gap". Bears quickly hit the first target by breaking through the support levels of the previous weeks around 1.3444. Then, we elegantly moved upwards to test the broken levels, from where the bears pushed the GBP/USD pair down with renewed strength. We have already hit the second target - the 138th Fibonacci level (1.3387), constructed based on last week's downward impulse. Hats off to the bears, simply impressive. Now it seems we will soon reach the next target at 1.3355 - the 161st Fibonacci level for further validation.