GBPUSD Currently Attempting a Breakdown Below the Channel

Following the initial breakdown below the lower limit of the channel, the price action established a throwback to the 23.6 per cent Fibonacci retracement level at 1.36121. This creates excellent opportunities for contrarian trading.

At any rate, the throwback is expected to be terminated below the resistance at 1.36400, underscored by the 50-day MA (in green). The first target for the subsequent dropdown would be the38.2 per cent Fibonacci at 1.35260, and the second one would be the 61.8 per cent Fibonacci at 1.33867.