Will the pound’s bearish end?

The GBPUSD currency pair continues to fluctuate starting from 1.2971 and the market is suffering. The technical outlook for the British pound against the US dollar has not changed and market fluctuations will tend to decline until the resistance of 1.3165 is broken.

From the sellers’ point of view, the break of support of 1.2971 can revive the downtrend starting from 1.4248. The next target of the British pound will be the estimate of 61.8% of Fibonacci at 1.29.

From the buyers’ point of view, if the resistance of 1,365 is broken, it will indicate the formation of foam. In this case, the GBPUSD trend will rise to the resistance of 1,3297.

* Technical H4 analysis of GBPUSD

* Technical daily analysis of GBPUSD