The GBP/USD currency pair failed again to break the support level 1.5980, to rebound up further. Nevertheless, the viewpoint at the pair is still bearish.
Earlier on a 4-hour graph the GBP/USD has formed a Dark Cloud Cover candlestick combination, which indicates bearish movement, confirmed further.
This candlestick combination has formed after the pair failed to break the resistance level near 1.6345, which means that the bulls could not solidify here. Further the bears started to increase their influence.
Break of the Fibonacci correction level 23.6 will prove this viewpoint. In this case downside movement to 1.5960, where Fibonacci correction level 38.2 is also located, should be expected.
It is worth mentioning that stop loss should be placed slightly above the 1.6200 level. Since a break of this level will target the pair to 1.6345.
More analysis on instaforex.com