The currency pair went upwards last week but still developed the downtrend as it was below the descending trend line. GBP/USD stays above 1,2980.

The currency pair is still under the pressure due to coronavirus news. As for the UK data, it is to mention UK GDP release, which has shown 0% growth. This was expected by the economists and had almost no influence on the currency pair.

We expect the currency pair to develop its downtrend this week. There are two main scenarios – GBP/USD is able to decline from the current level or after testing the descending trend line.