GBP/USD sellers in full control

GBP/USD registered a strong downside movement after dropped below the immediate uptrend line. Technically speaking, the uptrend line represented a support line, a downside obstacle.

Dropping below it signaled that the upside movement, its growth ended and that the GBP/USD could approach and reach fresh new lows. 1.3591 lower low represented a downside obstacle as well. The current drop far below this level indicates a further drop.

GBP/USD Forecast!

Ignoring the 1.3591 downside obstacle, making an aggressive breakdown indicates strong sellers. In the short term, the GBP/USD could come back to test and retest the 1.3591 level before resuming its sell-off.

1.3500, 1.3450, and 1,3400 are seen as downside obstacles if the pair extends its decline.

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX