The GBP/USD pair has been trending downwards since the 30th of March 2016, with the bears leading the price from as high as 1.4458 to as low as 1.4112.
During the course of the day on Monday, a massive sell-off was registered with the major’s price tumbling from 1.4278 all the way down to 1.4122. Today, the pair consolidated initially to fall down to 1.4117 and back at 1.4138 at the time of writing. In the event that the sellers keep exerting strong pressures and the price breaks below 1.4112, the pair could decelerate down to 1.4055 and 1.4020 respectively.
Conversely, in the scenario where the buyers manage to gain momentum and push the price above 1.4193, the pair could go up to 1.4243 and 1.4285 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.