The currency pair drops further and ignored another static support. GBP is trading in the red also versus the Euro and versus the Yen, not only against the greenback. The pair is into a corrective phase on the Daily chart, remains to see how long this will be.
GBP/USD reached another downside obstacle, we’ll see if will have enough directional energy to resume the downside movement or will bounce back on the short term. Is very important to see what will happen on the USDX in the upcoming days, the index climbed above the 93.81 level, but failed to stay there and now is trading at 93.64 level. Only a valid breakout above the 93.81 level will confirm a further increase and a USD dominance, while a rejection will send the dollar in agony. The USDX is somehow expected to climb much higher in the upcoming period despite a minor drop.
The GBP/USD extends the sell-off and has touched the outside sliding line (SL) of the major descending pitchfork. Has ignored the 1.3268 static support and technically is somehow expected to approach and reach the median line (ml) of the minor descending pitchfork. However, a failure to reach the median line (ml) will send it towards the upper median line (uml) of the descending pitchfork.
Is expected to reach also the 250% Fibonacci line (ascending dotted line), which represents a very strong dynamic support.
