The GBP/USD is dropping like a rock

The Pound has been hurt badly by the Greenback and as we see on the Daily chart below of the GBP/USD, the pair has broken below the 1.7000 round number level and it looks like it is keeping its bearish momentum. Around that same zone we can also see the 55 Day Exponential Moving Average, which has not been able to hold the price for now. It the pair keeps dropping, then we should wait for confirmation of the breakout and a possible pullback to the same 1.7000 for a possible short entry. But in order to see this scenario develop, we are going to have to wait until next week.