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3/8 Murrey Math Level has acted as support, so the market is consolidating. Previously, the pair couldn't fixate above 4/8 MM Level, which has pushed the price lower. Super Trend Lines formed a 'Bearish Cross' at the beginning of July, which led to the current decline. Also, the Daily ST-Line has acted as resistance a few times, which brings more evidence for the bearish forecast. Additionally, the pair has fixated under 4/8 MM Line, that's why the chance of a further decline remains high.
Meanwhile, the price may be going to test the H4 ST-Line in the coming hours. If we have a pullback from this line a little later on, that could be a green light for bears to try breaking 3/8 MM Level. The main target is 2/8 MM Level, which could act as support. In case of a pullback from this level, we might have a local upward correction, possibly towards the H4 ST-Line. However, if the pair goes through 2/8 MM Level, all eyes will be on 1/8 MM Level as the next target. The subsequent pullback from this level may lead to a larger bullish correction.
The bottom line is that GBP/USD remains bearish and there's been no bullish signs so far. Therefore, as long as the price remains under the H4 Super Trend Line, there'll be an open door for a further decline in the direction of 2/8 or even 1/8 Murrey Math Level.
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