The GBPUSD pair has been moving sideways with some bearish tendency while bearish breakout below 1.3600 was needed to enhance further bearish decline.
On the other hand, the nearest SUPPLY level was located around 1.4000 where bearish rejection and a valid SELL Entry was anticipated.
Bearish breakout below 1.3680 enabled further bearish decline towards 1.3400 which corresponded to 123% Fibonacci Level of the most recent bearish movement.
This was a good entry level for a corrective bullish pullback towards 1.3650 and 1.3720 which was temporarily bypassed.
Shortly after, the pair was testing the resistance zone around 1.3830 where bearish pressure originiated into the market.
Currently, the short-term outlook is bearish as long as the pair maintains its movement below 1.3400.
Another bearish visit is expected towards 1.3400 where significant bullish rejection was expressed as it corresponded to significant Fibonacci Expansion Level.
The current bearish momentum will probably enable more downside extension towards 1.3270.
On the other hand, the price level of 1.3570 stands as an intraday resistance level to be watched either for bearish reversal or a continuation pattern upon any upcoming visit.
*Prezentowana analiza rynku ma charakter informacyjny i nie jest przewodnikiem po transakcji.
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