Until the resistance of 1.2637 is broken, it is a downtrend!
The short-term trend of the GBPUSD currency pair is neutral. We are expected to see trend-free fluctuations in the market. However, the uptrend and reversal are expected to be limited by the resistance at 1,2637.
From the sellers’ point of view, the definite failure of the 161.8% Fibonacci estimate at 1,2258 could extend the downward trend of the British pound against the US dollar to the 200% estimate at 1. 2013.
* Technical H4 analysis of GBPUSD
* Technical daily analysis of GBPUSD
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