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GBP/USD: a U-turn at lower levels?

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GBP/USD was above 1.37 a while ago, spent some time there, and went downwards. We were correct to expect that it would reverse the gains adn go down. 1.3650 seems to be the target for bears now. What will they do?

Primary scenario: the bearish wave will not exhaust itself until it goes through the support channel 1.3630 - 1.3650; after that, GBP/USD will get back up to 1.37 and beyond.

Secondary scenario: GBP/USD drops lower to 1.36 and takes much more time between 1.36 and 1.3650.

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FBS Analyst Team

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