Recently, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2880 (the upper limit of the current consolidation range).
Last week, two unsuccessful bearish breakout attempts were demonstrated below 1.2720.
Bullish persistence above 1.2780 (78.6% Fibo level) was needed to enhance the bullish side of the market.
The current scenario could pursue as a bearish flag continuation pattern provided that bearish persistence below 1.2660 (corresponding to a prominent daily low) is maintained on a daily basis.
Projected target for the bearish flag continuation pattern is located around 1.2300. Initial bearish destination is located around 1.2580.
The material has been provided by InstaForex Company - www.instaforex.com