The trend is still bearish in the one-hour time frame as long as the GBP/USD pair hasn't broken the 1.3174 level. The level of 1.3174 has been rejected several times, confirming the validity of a bearish market today. So, resistance is seen at 1.3203.
The market is still indicating a strong bearish trend from the spot of 1.3174 - 1.3203. Thereupon, it would be wise to sell below the level of 1.3174 with the primary target at 1.3109, representing the ratio of 23.68% Fibonacci Expansion.
On the downside, a clear break below 1.3109 could trigger further bearish pressure testing 1.3050, which coincides with a double bottom. Then, the trend is keeping its bearish momentum today. As a result, it is gainful to sell below this price (1.3174) with targets at 1.3109 and 1.3050.
We expect a new range below the area of 1.3174 towards the daily support of 1.3050. The bias remains bearish in the nearest term testing 1.3050 and 1.2927. Consequently, the GBP/USD pair will probably move between the levels of 1.3174 and 1.2927. Hence, it will be helpful to set a stop loss above the resistance of 1.3243.
