The path of the pair is sided towards the downside. The pair came into the week with the support test at a familiar area around the 1.3000 psychological level. In this instance, however, sellers push through that support as a really strong US dollar took over. The bears are set towards the south side. The pair is capped by the downtrend side. The pair is finally settled around 35-40 pips off daily swings high and opened with the modest bearish gap on the first day of the new trending week. The market is making the negative momentum in the market the bears are giving their depreciating moves in the market. The current market level is 1.2860. The chart is starting approaching the bears to make their flow towards the downside.
Technical Analysis: The technical view of the market we can see that market. The pair might then accelerate the slide towards the 1.2800 marks before eventually dropping the next major support level 1.235-30 region. The pair is making lower lows and higher lows in the market. The bears are showing their negative volatility in the market. The market is making the descending line suggest to us to sell. The GBP/USD risks falling to the falling to the 200-days SMA below all EMA lines. On the 4 hourly chart market is making the downward line and making swings towards the south side. The bearish traders and pave the way for the additional weakness for the pair. The pair has a support level is 1.2839 followed by 1.2781 and resistance is 1.2891 followed by 1.2955. The RSI is below 33.50 the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair.
Trade idea: Based on the chart and studies above we would suggest that go for a sell at 1.2855 targets is 1.2584 stop loss at 1.2998.
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