FXstreet.com (Barcelona) - The Cable has been rejected strongly by the 1.3900 resistance and the GBP/USD has fallen around 200 pips to go below the 1.3700 level and test the 1.3680 support.

Currently, the GBP/USD is trading around the 1.3710/30, if the pair could go below the 1.3700 level, the pair will go to break the 1.3680, before to falls to 1.3612. Below there, the 1.3500 will be exposed.

Valeria Bednarik, FXstreet.com Collaborator, the cable could retest the 1.3500 in the coming time as the pair is inside a descendant channel since December: Longer term perspective remains bearish with price under the 20 SMA and indicator pointing to the downside. The pair is moving in a long term descendant channel coming from December highs at 1.5722. Clear break under weekly minimum at 1.3741 could drive the pair to retest the 1.3500 lows before any mayor correction. The pair needs to move above the 1.4200 level to regain strength enough to test the roof around 1.4500, inflection point.