Over the past two months, the GBPUSD pair has experienced a significant decline, losing a total of 800 pips as strong bearish sentiment dominates the market. Although there have been occasional minor pullbacks, they have been limited to modest gains of only 30-50 pips, suggesting weak buying interest during the downtrend.
Today's price action shows renewed selling pressure, driven by a clear bearish technical signal: the "Death Cross," where the 20-period moving average (MA) has crossed below the 60-period MA. This classic sell signal confirms the strong downward momentum, indicating that sellers remain firmly in control.
However, the lower price levels could attract short-term buyers looking for a potential bargain. If a correction materializes, we might see the pair pulling back to test resistance at 1.2652, which aligns with the 50% Fibonacci retracement level, or slightly higher at 1.2664, near the 61.8% Fibonacci level. These levels represent key resistance points where sellers might re-enter the market, offering a better risk-reward ratio for traders aiming to capitalize on the broader downtrend.
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