The GBP/USD pair has been trending downwards since the 24th of December 2015, with the sellers leading the price from as high as 1.4942 to as low as 1.4692.
During the course of the session on Thursday, the pair fell significantly, breaking below the bottom of the hammer formed on Wednesday. As a result, the pair today moved lower, ranging between the levels of 1.4692 and 1.4752. In the event that the bears keep pushing the pair lower and the price breaks below 1.4692, profit targets could be set at 1.4653 and 1.4581 in extension.
On the other hand, in the scenario where the price attempts to test the area above 1.4790 once again, and manages to successfully break above it, the pair could reach 1.4816 and 1.4847 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.