The GBP/USD pair rebounded, but the price could drop deeper anytime. The rate could still approach the 1.3 psychological level as long as it stays under the median line (ML). Only a major reversal pattern might indicate that the downwards movement is over. The GBP/USD price dropped as low as 1.3009 today, finding mild support. Technically, the bias remains bearish despite a temporary rebound. The pair could test the near-term upside obstacles before dropping deeper. –Are you interested in learning more about making money with forex? Check our detailed guide- The currency pair turned to the upside in the short term as the Dollar Index retreated after its strong rally. However, surprisingly or not, the GBP/USD pair dropped towards fresh lows even if the United Kingdom reported positive economic figures on Friday. The GDP, Manufacturing Production, Industrial Production, Index of Services, and the Construction Output reported better than expected data. On the contrary, the US Prelim UoM Consumer Sentiment was reported at 59.7 points below 61.4 expected on Friday. Get FREE Forex Signals Now! Personally, I believe that the GBP/USD pair resumed its sell-off as the Federal Reserve is expected to hike rates on Wednesday. Earlier, the UK CB Leading Index rose by 0.2% in January versus 0.1% in December. Tomorrow, the US PPI is seen as a high-impact indicator and is expected to report a 1.0% growth, while the Core PPI may report a 0.6% growth in February versus 0.8% in January. Also, the UK Unemployment Rate, Claimant Count Change, and the Average Earnings Index could bring some action as well. –Are you interested in learning more about MT5 brokers? Check our detailed guide- GBP/USD price technical analysis: Shallow rebound As you can see on the 4-hour chart, the GBP/USD pair is fighting hard to go higher. Still, the bearish bias remains intact as long as it stays below the weekly pivot point of 1.3100 and under the descending pitchfork’s median line (ML). The price failed to reach the 1.3 psychological level, which is seen as a major downside target. Technically, the rebound could be only a temporary one. The current throwback helps the sellers to identify new short opportunities. As long as we don’t have a reversal pattern, we cannot talk about a strong upwards movement. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next Gold Forecast: Bears Eying Monthly Lows of $1,900 amid Fed, Risk-on Saqib Iqbal 2 months The GBP/USD pair rebounded, but the price could drop deeper anytime. The rate could still approach the 1.3 psychological level as long as it stays under the median line (ML). Only a major reversal pattern might indicate that the downwards movement is over. The GBP/USD price dropped as low as 1.3009 today, finding mild support. Technically, the bias remains bearish despite a temporary rebound. The pair could test the near-term upside obstacles before dropping deeper. -Are you interested in learning more about making money with forex? Check our detailed guide- The currency pair turned to the upside in the short… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.