GBPUSD continues its downward trend, reaching levels last seen back in November 2020 as negative momentum persists. Moreover, the pair continues to record successive higher lows and lower highs, reflecting an overall bearish outlook.
Short-term momentum oscillators indicate a negative bias too, as the RSI is steady above its 30 oversold region. Also, the MACD is found below zero and its red signal line, which shows that the negative momentum in the price might be gaining further ground.
With the bears maintaining control over the last few trading sessions, initial support might be found at the 1.3066 level. Crossing below this point could open the door towards the October 2020 support at 1.2992. A decisive move below the latter could increase selling pressures sending the price to test its November 2020 low at 1.2854.
On the flip side, if buyers resurface, initial resistance might be found at the 1.3194 obstacle, before shifting their attention towards the 50-period SMA currently at 1.3229. A break above the latter could provide positive momentum for the pair, sending buyers to take aim at the consecutive hurdles of 1.3271 and 1.3436.
In brief, the overall outlook for the pair remains bearish amid successive lower lows. For sentiment to change, buyers would need to break above the 200-period SMA currently at 1.3450.
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