As depicted on the chart, the next demand level is located around 50% Fibonacci at 1.6540.

As long as 1.6820 remains the highest level for the month, the price level of 1.6540 remains the target for the bears.

Another scenario is that a Double Top pattern is being established with the neckline located around 1.6600-1.6580.

Daily fixation below this neckline will enable the pair to reach 1.6350 as a projection target.

During the past few days, the GBP/USD pair has been trapped within consolidation range established between 1.6580 and 1.6666. A breakout to the downside taking place today. Persistence of the current breakdown will push the pair down to 1.6460 where a prominent bottom was established on January 27.

Price zone of 1.6700-1.6730 remains an intraday supply/resistance for the pair.

The pair is moving within a bearish channel which is depicted on the chart. The upper limit around 1.6670 was defended by the bears yYesterday as expected.

As long as the bears are still defending price zone of 1.6700-1.6730, price level of 1.6580 remains vulnerable to breakdown. If so, a bearish swing towards 1.6500 then 1.6460 is expected to occur shortly after.

Stop loss for the bearish scenario should be located above 1.6750.