GBP/USD to face renewed bearish pressure with a drop below 1.3520

The GBP/USD pair is having a difficult time making a decisive move in either direction early Monday but a drop below 1.3520 could attract sellers, according to FXStreet’s Eren Sengezer. 

Correction could deepen with a drop below 1.3520

“The Fibonacci 38.2% retracement level of the latest uptrend seems to have formed support at 1.3520. In case GBP/USD falls below that level and starts using it as resistance, 1.3500 (Fibonacci 50% retracement, 50-period SMA on the four-hour chart) aligns as the next bearish target before 1.3460 (Fibonacci 61.8% retracement).”

“On the upside, the initial hurdle is located at 1.3560 (Fibonacci 23.6% retracement) ahead of 1.3600 (psychological level) and 1.3630 (Feb. 3 high).”