Overview:

The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.

Recently, the market failed to express a bullish breakout above the price level of 1.5760 (the upper limit of the daily bearish channel).

Instead, an extensive bearish pressure was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed on December 23).

A daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with "projection target" at 1.5300.

The market has already pushed further below this level reaching down to 1.5030 affected by the U.S. dollar strength these days.

The key-support zone for today's movement is located at 1.5100-1.5120. On the other hand, fixation above the price level of 1.5175 pauses the current bearish decline exposing price level of 1.5260, 1.5370 and 1.5410.

However, within such strong bearish trend you should note that H4 fixation below 1.5100 indicates further bearish tendency on the market, probably, new lows below 1.5030 are going to be hit.