GBPUSD - Technical Analysis: Tuesday, 07/03/2017 08:43 GMT

The GBPUSD pair managed to break 1.2261 level again and settles below it, to support the continuation of the bearish trend on the intraday and short term basis, as our next target is located at 1.2156, and breaking this level will push the price to head to the bottom that the price started the recent bullish wave at 1.1986.

The price move inside the descending channel supports the continuation of the expected decline, while surpassing 1.2346 then 1.2430 levels will stop the current bearish trend and push the price to attempt to return to the bullish trend on the short term basis.