The GBP/USD is extending its downward correction from the multi-month high as downside pressure remains strong on Tuesday. The downward correction develops along the falling trend channel support on the 1-hour chart, while it comes on Tuesday for the fourth consecutive day to losses.
The intraday decline hit channel support, including the 23.6% fib retracement of the 1.3996-1.3350 movement.
The technical indicators on the hourly chart are showing negative momentum, while the positive outlook on the daily chart is easing.
Therefore, it would be advisable to wait for a break in support before positioning yourself for a downward move.
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