Technical Analysis of GBP/USD

The GBP/USD pair is moving in a bearish trend on the one-hour timeframe. Price has formed an IFVG zone on the four-hour timeframe around the 1.3735 level, and prices have started to reject lower from this area. A continuation of the downward move is expected during today’s session, supported by the current strength of the US dollar.
Additionally, bearish momentum remains dominant, with price failing to hold above previous supply zones.
Any clear break below nearby support levels may accelerate the bearish movement in the coming sessions.

Key Economic News

The US dollar is awaiting today’s release of the ISM Manufacturing PMI, which is expected to have a noticeable impact on the US dollar and major currencies.
A further decline is expected, targeting 1.3640, followed by 1.3592.

Bearish Scenario Invalidation:
The bearish outlook will be invalidated if price reaches 1.3770.