The GBP/USD Bearish Trend Remains Valid

GBP/USD broke out below the diagonal support in the zone around 1.2860 – 1.2870 and kept depreciating in a state that almost resembled freefall. I think that the GBP could find a potential support around the 1.2700 level and in a case it succeeds in breaking out below that support it could continue depreciating toward 1.2600.

In the alternate scenario for a move to the upside a potential resistance could be the diagonal trend line (in blue) it broke out below around 1.2900 – 1.2930 but that is the less probable scenario, in my opinion.

In the long term there is a possibility for the pair to continue developing to the downside for a test of the support around 1.2000.