Bears to Send GBP/USD to 1.3619?

The Great Britain pound versus the United States dollar currency pair seems to have been taken by surprise, as the bears are pressuring it.

Long-term perspective
After the decline that stretches from the 1.3482 high to the 1.2675 low, the bulls set in motion an ascending trend.
As a result, the price climbed until the double resistance area defined by the upper line of the ascending channel and the firm level of 1.3854.
Following was a period of consolidation that had the upper line as resistance and the 1.3854 level as support. After the false piercing of the support, which left behind the 1.3566 low, the bulls had the required confidence to continue the surge.
The appreciation met the next double resistance area, noted by the same upper line of the ascending channel and — this time — the 1.3854 intermediary level. Without wasting too much time, the bulls pierced the area, printed a throwback that validated it as support, and continued towards the north, managing to inscribe the 1.4239 high.
However, by extending beyond the double resistance area, the bulls wasted — in fact — their chance, as, for the time being, the exhaustive movement they etched was seized as an opportunity by the bears.
As a consequence, the bulls failed to validate 1.3854 as support, for the 1.4017 high was the point where the bears rotated the rice before sending it beneath 1.3584.
So, as long as 1.3584 remains a resistance area, the bears may extend the fall until 1.3619. On the flip side, if the bulls reconquer 1.3584, as the overall trend is a rising one, 1.4122 could be revisited.

Short-term perspective
From the 1.3566 low, the price scaled until the intermediary level of 1.4242. From there, the price dropped sharply, piercing and departing from the firm level of 1.4049.
After that, the price consolidated between the 1.3971 resistance and the 1.3863 support.
As the support gave way, the price slipped under 1.3863, consolidating under it after the bulls printed a rejection from the 1.3771 support. Subsequent to this rejection, as long as 1.3771 remains support, 1.3863 may be reconquered by the bulls. If this is the case, then 1.3971 is the next bullish target.
On the other hand, if the price slips under 1.3771, then the fall may reach 1.3652.

Levels to keep an eye on:

D1: 1.3854 1.3619 1.4122
H4: 1.3771 1.3863 1.3971 1.3652

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Original from: www.earnforex.com