Wednesday, November 15, 2023
The GBP/USD pair faced a strong resistance near 1.3200 and started a fresh downtrend.
It broke the 1.2800 then 1.2600 support levels and extended its decline towards 1.2500 where the pair showed some indecision in a tight range before resuming its bearish trend.
The next target for the bears was located around 1.2150, where another zone of indecision has been established.
A break below this level could open the doors for more losses towards 1.1850. However, significant bullish recovery has been expressed upon the first visit that occurred two weeks ago.
On the other hand, the current bullish recovery towards 1.2600 should be seen as another chance to sell.
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