GBP/USD to extend its slide towards 1.30 as resistance at 1.31 caps

GBP/USD has declined to the weakest level since November 2020 near 1.3050. The pair is likely to stay under bearish pressure as long as 1.3100 resistance holds, FXStreet’s Eren Sengezer reports.

Technical outlook to remain bearish unless cable clears 1.3100

“Unless the pair manages to stage a rebound and hold above 1.3100, it is likely to extend its slide toward 1.3000 in the near-term.”

“On the downside, 1.3000 (psychological level) aligns as the next bearish target but the pair needs to close a four-hour candle below 1.3050 (static level) before stretching lower.”

Above 1.3100, 1.3130 (20-period SMA, static level) could be seen as the next resistance before 1.3200 (psychological level).