British Pound-to-Dollar is Bearish Now After Key Rotation Lower
The Pound-to-Dollar pair has finally shown its hand. 
And its not good. 
For those wondering whether the recovery bounce from the October 6 lows at 1.3028 up to the 1.3337 October 13 peak represented a revival of the uptrend the recent sell-off most have come as a crushing dissapointment. 
For it now appears the recovery was merely a correction which means GBP/USD is probably going lower. 
The latest decline triggered by an unexpected 0.8% drop in September Retail Sales 'sealed the deal' for the pair by raising concerns about a slow-down on the high-street.  
Pound-to-Dollar has reversed the rising sequence of peaks and troughs on the four hour chart signalling it is now probably in a downtrend. 
The break down overnight below Thursday's 1.3134 lows has opened the way even lower, according to Forex.com's Market Analyst Fawad Razaqzada. 
"..a fresh break below today’s low could send the pound tumbling lower again. The next key support level to watch is around 1.3030 – the low from earlier in the month, where we also have a bullish trend line converging."
Swissquote's, FX Analyst, Peter Rosenstreich notes a change in the longer-term trend:
"The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low)," he says. 
Indeed some analysts would interpret the overshoot of the channel (circled on chart) as a sign of exhaustion of the medium or long-term uptrend, which supports Rosenstreich's longer-term bearish call. 
Commerzbank's Karen Jones is certain the October 6 recovery was merely a correction and labels it a "minor Elliott wave abc correction," which "ended at last week’s 1.3338 high," which was just beneath the 50% retracement level at 1.3343. 
She goes on to suggest that whilst the 50% Fibonnacci retracement "caps" upside, attention will shift to focusing on downside targets. 
"..attention should remain on the 1.2996 2016-2017 uptrend line. This is the break down point to the 1.2830 38.2% retracement and the 1.2575 50% retracement."
And for those unclear on how Jones stands on the implications for the longer-term trend, she clarifies: 
"The currency pair has recently failed at the 1.3557 2014-2017 downtrend and is thus viewed negatively."