GBPUSD is in a downtrend and price is bouncing between the SR levels (yellow lines)
We have two scenarios:
Bullish: There is a resistance zone between 1.3345 - 1.3350 which also a minor high, and if price breaks this area and closes a bullish confirmation candle above it, we can expect a rise to 1.3388 and in the case of an upside breakout on this level, the next target would be 1.3445
Moreover, there is a positive divergence between the price lows and MACD in the Daily time frame: Although price has made a lower low, MACD has made a higher low which tells us there is a high probability of an upside move.
Bearish: On the other hand, since we are in a downtrend, we should wait for the last low at 1.3290 to be broken and if price closes a bearish confirmation candle below this level, the next target for GBPUSD is around 1.32
What is your side on GBPUSD? Feel free to share your ideas in the comments.