GBPUSD Signaling a Bearish Correction

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The British pound sterling is extending declines following a flat close on Tuesday. Still, price needs to close below Tuesday’s low of 1.3901 to confirm further downside.

The next immediate downside target is seen near 1.3733 where price established strong resistance previously. This price level forms the ideal target to the downside with support likely to come in.

But in the event that the GBPUSD loses this handle, we might get to see further declines. This will push the cable down to the 1.3500 level which is pending a retest anyways.

To the upside, price action will need to post a reversal and possibly rise above the Tuesday highs of 1.3950 in order to maintain the uptrend.

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