GBPUSD - Technical Analysis: Thursday, 24/08/2017 04:16 GMT

The descending channel continues to push the GBPUSD pair to achieve more decline, approaching from touching 76.4% Fibonacci correction level at 1.2750, noting that breaking this level will push the price to head towards 1.2588 as a next target.

The mentioned channel supports the chances of extending the bearish wave on the short term basis, thus, the bearish trend will be expected in the coming period, unless the price managed to surpass 1.2850 and settle above it.