The GBP/USD pair retested the downtrend line and has since fallen under the previous low of 1.1624. It will be interesting to see if it can validate its breakdown. After today's sell-off, a brief rebound is not entirely ruled out.
GBP/USD may continue to move downward as long as it remains below the downtrend line. Technically speaking, the weekly S2 (1.1600) also serves as a downside barrier.
The GBP/USD pair could only begin to gain new bullish momentum if it managed to maintain itself above this downside barrier and successfully break through the downtrend line.
GBP/USD may continue to move downward as long as it remains below the downtrend line. Technically speaking, the weekly S2 (1.1600) also serves as a downside barrier.
The GBP/USD pair could only begin to gain new bullish momentum if it managed to maintain itself above this downside barrier and successfully break through the downtrend line.
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