GBP/USD Technical Analysis

GBP/USD is in downtrend
Continuation candle spotted
Series of lower highs and lower lows
W L5 is the target if W L4 is broken

DAILY CHART GBP/USD

Swing high
Swing low
Trend line
Entry zone
Final target

The GBP/USD is in a downtrend. The target could extend below 1.3185 towards 1.3059. In the UK we can witness fears of new social distancing rules as result of the new virus strain - Omicron. Technicals are aligned with fundamentals and we can see the further drop in the price. The first target is 1.3185 . If we see the close below that level, but only below that level then the price is going to continue to next target that is the W L4 - 1.3138. Below that one we could see 1.3059. Watch the price action.