GBPUSD Bearish Slump May Accelerate Beneath the Level at 1.2300

GBPUSD Price Analysis – June 21

The GBPUSD pair settled down at 1.2342 level for a second straight week, a fraction of pips beyond its monthly low at 1.2320 level. The pair dropped as the Retail Sales was better-than-expected, even though it still indicated a large decline. Although GBPUSD bearish slump may accelerate beneath the level at 1.2300.

Key levels
Resistance Levels: 1.3514, 1.2812, 1.2560
Support Levels: 1.2300, 1.2075, 1.1409
GBPUSD Long term Trend: Ranging
In the wider context, although the 1.1409 pullback is intense, there is still an insufficient basis for a trend reversal. Eventually the downward trend from 2.1161 (high) level may continue.

Nonetheless, momentous breach of 1.3514 level may validate medium to long term bottoming and shift trend to bullish for 1.4376 level resistance initially.
GBPUSD Short term Trend: Bearish
GBPUSD’s drop from the high of the short term range of 1.2812 last week continued lower. The steady breach of ascending trendline support now suggests that the entire rebound from level 1.1409 has been finalized with three waves to level 1.2812.

Initial bias remains on the downside for support level of 1.2075. The momentous breach there will validate and strive for a test at a low level of 1.1409. On the positive side, breakage of 1.2560 minor levels of resistance may instead alter bias back to the upside.

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