On Friday, after the GBP/USD pair breached 1.6785, it expressed a Shooting Star daily candlestick indicating strength of the bearish momentum on these levels.

From the fundamental prospective of view, the U.S. employment improved by 175 thousand during February. This contributed to the recent decline in the pound sterling against USD below the level of 1.6680.

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, price level of 1.6540 remains targeted by the bears in order to gather enough bullish momentum to push higher again.

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

Daily fixation below this neckline will enable the pair to reach 1.6400 as a projection target.