GBP/USD Is Testing the Support at 1.2880

GBP/USD did start moving to the downside after the pair formed a clear shooting star candlestick on the weekly time-frame at the resistance at 1.3265. Currently the pair is at the support at 1.2880, which coincides with the (MA)89 indicator on the daily time-frame and considering the spinning top candlestick that it has formed at that level on the same time-frame it may begin retracing to the upside. Should that happen the closest target is likely around 1.3025 – 1.3030. All that said, the overall move to the downside is probably not over yet and if or when GBP/USD does break out below the support at 1.2880 there could be a further drop towards the next major level of support, which is around 1.2580.