As expected the GBPUSD pair moved down as I mentioned in my previous analysis that a valid SELL entry can be offered around 1.30000. More weakness in the pair is expected in the upcoming sessions as bears are entering heavily in the market. GBPUSD is having a negative pressure and price is expected to move down towards 1.28400 area. In the longer term perspective I expect the pair to move towards 1.24000-1.22000 area and that will only happen if the price closes below 1.27800 on daily basis. Only a move above 1.36400 will stop this overall bearish trend.
TRADING RECOMMENDATIONS: Sell at 1.29800 with stop loss above 1.30600, Target is 1.28400