GBP/USD Has Fallen Significantly as It Targets Level 1.1196 Low

Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD is in a downtrend as it targets level 1.1196 low. Since May 4, the Pound has been making a series of lower highs and lower lows. The current selling pressure resumes as sellers break below the lower low of 1.1759. The pair has continued to fall as it reaches the low of 1.1427. The currency pair is reaching bearish exhaustion as it falls to the oversold region of the market.

GBPUSD Indicator Analysis
GBPUSD is at level 22 of the Relative Strength Index for period 14. It indicates that the Pound is in the oversold region. Buyers will be attracted at the lower levels of price . The currency price is below the moving average lines which causes the pair to fall. The moving averages lines are sloping southward indicating the downtrend. The pair is below the 20% range of the daily stochastic.

What Is the Next Direction for GBP/USD?
On the weekly chart, the Pound is in a downtrend and has fallen significantly as it targets level 1.1196 low. Meanwhile, on the July 11 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that the Pound will fall to level 1.618 Fibonacci extension or level 1.1196. From the price action, the pair has fallen to the low of level 1.1432.

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