GBPUSD: Correction over?
The GBPUSD continued its free-fall action after flirting with 50% Fibonacci retracement of the entire downside wave from 1.7188 to 1.4565 as seen on the provided weekly chart.
Over daily studies, we have discussed the probability of forming an inverse head and shoulders pattern with targets at 1.60, but the pair failed to reach the upside targets after facing technical obstacles over weekly studies.
SMA50 has thwarted bulls, pushing the pair to the downside; particularly, after facing the classical resistance zones of 1.5825.
Meanwhile, AC, Stochastic and Vortex indicators have given off negative signs; accordingly, we see chances for achieving further debasement, but not before clearing 23.6% Fibonacci level at 1.5185.