GBPUSD SELL

GBPUSD

GBPUSD has been in a steady downtrend since March 8th. The pattern that started this trend reversal is a double top at the highs. After the formation of the double top, we've had pretty healthy price movement during the price decline.
With the retest of the previously broken structural level of support, we could see a fall to the 78.6 of the 88. on the Fib, if price fails to close above the 61.8.

Alternative Scenario:
With all of the rejections located between the 50 and the 61.8, this area can be identified as a micro-structural level of resistance. If this pair manages to break and close above the 50 and our trendline, we could see a reversal in trend.