GBPUSD M30: Bearish outlook seen, further downside below 1.12900

On the M30 time frame, prices are facing bearish pressure from the resistance zone at 1.12900 which coincides with the graphical support-turned-resistance zone, 61.8% Fibonacci retracement and 100% Fibonacci extension. A pullback to the 1.12900 resistance zone presents an opportunity to play the drop to the support target at 1.11500, in line with the 78.6% Fibonacci extension. Ichimoku cloud is showing signs of bearish pressure as well, supporting the bearish bias.