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The pair is still consolidating under the 4/8 Murrey Math Level. Additionally, the one-hour Super Trend Line is acting as resistance, so the price could not fix above this level. Previously, the pair returned below 8/8 MM Level, and Super Trend Lines have formed a 'Bearish Cross' little later on which led to the current decline. 3/8 MM Level stoped the bearish rally, that is why we have got an ongoing sideways price movement. As long as 4/8 MM Level remains unbroken, the bearish scenario will be in force.
It is essential that the pair should fix under 3/8 MM Level to confirm the outlook. If it happens, there will be an open door for another decline in the direction of 1/8 MM Level which could act as support. Also, we should watch 2/8 MM Level which could be a starting point for a local upward correction, possibly towards the one-hour Super Trend Line. Furthermore, if the price goes through the 1/8 MM Level, we should be ready for a further decline to the next levels.
The bottom line is that GBP/USD remains bearish and there is no bullish signs so far. The one-hour Super Trend Line and 4/8 MM Level are acting as resistance bringing more evidence for this scenario. Therefore, the pair is likely to resume declining anytime soon.
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