GBPUSD started a deep fall after the pull back on the 1.3175 resistance level, taking the pair below the simple moving averages (SMAs) and the 50.0% Fibonacci retracement level of the up leg from 1.2675 to 1.3175 at 1.2925.
From a technical viewpoint, the RSI is holding in the negative zone, while the MACD is extending its bearish movement below its trigger and zero lines. Also, the Ichimoku cloud and the red Tenkan-sen and blue Kijun-sen lines are suggesting a neutral to bearish view.
A continuation of the decline could open the door for the 1.2878 support and the 61.8% Fibonacci of 1.2865. Marginally below these levels, the 1.2845 could come next, ahead of the 1.2800 psychological number. A drop below this hurdle could further endorse the descending outlook in the short-term.
Summarizing, GBPUSD has been in a decline in the short-term and in a slight uptrend in the medium term. A climb above the SMAs and the 1.3175 resistance could switch the near term bearish bias to bullish as well.
