The GBP/USD pair could extend its sell-off if it makes a new lower low. The price action could develop a major Falling Wedge pattern. Breaking above the downtrend line may signal that the downside movement has ended. The GBP/USD price moves sideways in the short term. The price developed a minor triangle pattern. It was around 1.2192 while writing. The bias remains bearish as the Dollar Index resumes its growth. DXY’s further growth could force the pair to approach and reach new lows. –Are you interested in learning more about STP brokers? Check our detailed guide- Fundamentally, the GBP took a hit from the UK data yesterday. That’s why a deeper drop is in the cards. The Prelim GDP rose by 0.8% less versus 1.0% expected, GDP dropped by 0.1% versus the 0.0% growth estimated, while the Goods Trade Balance came in at -23.9B versus -18.5B forecasts. In addition, the Index of Services, Industrial Production, Manufacturing Production, and the Prelim Business Investment came in worse than expected. Only the Construction Output indicator came in better than expected. It has reported a 1.7% growth versus 0.2% estimates. Hence, the US data came in mixed. Today, the US will release the Prelim UoM Consumer Sentiment, which is expected to drop from 65.2 points to 64.1 points. Better than expected data could help the USD to resume its appreciation. Get FREE Forex Signals Now! GBP/USD price technical analysis: Triangle pattern The GBP/USD pair resumed its sell-off after escaping from the previous flag patterns. Now, it has developed a minor triangle. It has registered a false breakdown and is now trying to rebound. –Are you interested in learning more about making money with forex? Check our detailed guide- Technically, the price action could print a major Falling Wedge pattern. Still, it’s premature to talk about this potential reversal pattern as long as the rate is far below the downtrend line. The 1.2165 former low stands as potential static support. The GBP/USD pair is trapped between 1.2165 and 1.2247 levels. Escaping from this range could bring great trading opportunities. A new lower low, a bearish closure below 1.2165, could activate more declines. As long as it stays under the downtrend line, the GBP/USD pair could drop towards new lows. 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 Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Gold Weekly Forecast: Firm Dollar Pushing Gold Below $1,800 Saqib Iqbal 2 weeks The GBP/USD pair could extend its sell-off if it makes a new lower low. The price action could develop a major Falling Wedge pattern. Breaking above the downtrend line may signal that the downside movement has ended. The GBP/USD price moves sideways in the short term. The price developed a minor triangle pattern. It was around 1.2192 while writing. The bias remains bearish as the Dollar Index resumes its growth. DXY’s further growth could force the pair to approach and reach new lows. -Are you interested in learning more about STP brokers? Check our detailed guide- Fundamentally, the GBP took… 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.