Main Scenario: As long as GBPUSD stays below 1.3302, the main trend will be downwards on hourly basis. Then the pair may go down to 1.3179 – 1.3159 support levels
Target Expectation: 1.3159
Considerations Supporting The Scenario: The dollar is set for its biggest weekly rise since June, boosted by a wave of risk aversion in markets after Wall Street pulled back from recent tech-led gains.Dollar strength has pushed cable down, from its eight-month high of $1.3481 on Tuesday to as low as $1.3179 on Thursday. Pressure has also come from Brexit-related uncertainty and warnings from the Bank of England that the economic fallout from the coronavirus could be worse than expected. Also as tech sell of continues in Wall Street, Dollar gets support from risk aversion.
Alternative Scenario: An alternative expectation may be taken into account in case of a close above 1.3302
Alternative Target Expectation: 1.3326- 1.3343