Earlier, the GBP/USD pair continued to face downward pressure, which indicated that there was a possibility that prices would test the channel's lower boundary around 1.3000; however, it was unable to keep prices above that level.
This was because it was unable to continue its bullish momentum, which contributed to this result.
A new daily low was recorded not long after that, at around 1.2150, but it was eventually surpassed a few trading days later.
Despite this, there is a significant support zone situated between 1.1850 and 1.1900, and it has been able to arrest any more negative fall for some time now.
This support zone can be found between the levels of 1.1870 and 1.1910.
On the other hand, when the bullish impetus began to wane, further bearish visitors were anticipated to test the record low levels.
These visitors were predicted to challenge the price. Before the bearish guests arrived, this was already projected to happen.
Very soon after that, a major bearish fall was executed, and it was carried in the direction of important Fibonacci Expansion levels placed at 1.1075 and 1.0860.
After the ensuing price action and the subsequent close of the weekly candlestick, it will be possible to ascertain the subsequent target level for the GBP/USD pair.
After those two things have taken place, you will be able to accomplish this goal.
There is a high probability of further bullish continuation at least toward 1.1765 if an ascending bottom is established around the current price levels in the event that the current bullish movement above 1.0600 is maintained for some time.
If this occurs, there is a good chance that the bull market will continue higher, at least toward 1.1765.
In addition, there is a good chance that the bull market will continue higher, at least toward 1.1765, in the event that the current bullish movement above 1.0600 is maintained This is especially true if the present price levels indicate that the market has reached a bottom that is moving upward.
In the event that this scenario does not play out, it is recommended to plan for another BUY Entry and anticipate a bearish slide closer to 1.0600. This prediction is based on the fact that the current price is 1.0601.
