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The GBP/USD pair faced strong resistances at the levels of 1.2113 because support had become resistance on August 17, 2022.
The strong resistance already formed at the level of 1.2113 and the pair is likely to try to approach it in order to test it again.
However, if the pair fails to pass through the level of 1.2113, the market will indicate a bearish opportunity below the new strong resistance level of 1.2113 (the level of 1.2113 coincides with a ratio of 38.2% Fibonacci).
The one-hour chart favors a downward extension, as the pair broke below its 50 and 100 EMAs, both gaining downward traction. Technical indicators head sharply lower within negative levels, reflecting sellers' strength from the levels of 1.2113, 1.2147 and 1.2181.
Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength below the moving average (100) and (50).
An alternative scenario is a final consolidation below MA 100 H1, followed by growth to 1.2113. Intraday bias in the GBP/USD pair remains downwards first. on the downside, break of 1.2070 will suggest that rebound from 1.2050 has completed. Bias will be back on the downside for retesting 1.2002 low.
On the downside, below the price of 1.2002 will resume the rebound to 1.1950 support 2.
The market is indicating a bearish opportunity below 1.2113 for that it will be good to sell at 1.2113 with the first target of 1.2002.
The daily strong support is seen at 1.2002 (00% of Fibonacci retracement levels).
The GBP/USD pair is trading at its lowest in a week and near the 00% of Fibonacci retracement of its latest daily slide at 1.2002, the immediate support level.
It will also call for a downtrend in order to continue towards 1.1950.
The 50% Fibonacci retracement provides support/resistance around 1.2113. On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.2181.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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