GBP/USD continues to trade within a strong bearish trend. The pair has been forming lower highs and lower lows throughout the displayed period, while the latest downward impulse pushed the price from the 1.3390 area towards 1.3300.
The current narrow consolidation near 1.3310 is taking place directly above an important psychological and technical support at 1.3300. A break below this level would confirm continuation of the decline and expose 1.3270, followed by 1.3240.
The first meaningful recovery level is located at 1.3335. A move above it may trigger a corrective rebound towards 1.3375. Nevertheless, the broader bearish structure would remain intact while the pair stays below 1.3400.
Current price: 1.33115
Key intraday level: 1.3335
Support levels:
- S1: 1.3300
- S2: 1.3270
- S3: 1.3240
Resistance levels:
- R1: 1.3335
- R2: 1.3375
- R3: 1.3400
Daily scenario:
- Below 1.3335: the bearish scenario remains dominant, with a possible break of 1.3300 and movement towards 1.3270.
- Above 1.3335: a corrective recovery towards 1.3375 becomes possible.
Expected working range: 1.3270–1.3375.
