GBPUSD breaks the short term low at 1.2770 and holds below it. Now the pair is moving bullish to retrace. According to long term view the pair breaks the resistance at 1.2705 and 1.2620 and holds above it and now the pair is pull backing to retest the zone at 1.2705 to 1.2620. It is expected the current downward movement would continue to move deeper targeting 1.2750 followed by 1.2620. Before further down it has also a chance to retest the area at 1.2834-77 which is act as resistance. The scenario will be invalid if the pair breaks the high at 1.3046 and that can make the bullish movement more strong.

 

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