GBP/USD Price Analysis: Flirting with trend-line support, around 1.3000 mark
|- GBP/USD remains depressed for the fifth consecutive session on Wednesday.
- The technical set-up might have already shifted in favour of bearish traders.
The GBP/USD pair edged lower through the early North-American session on Wednesday, with bulls now eyeing some follow-through weakness below the key 1.30 psychological mark.
The pair is now flirting with an important support marked by 2-1/2-month-old ascending trend-line, which if broken will set the stage for an extension of the recent bearish trajectory.
Meanwhile, technical indicators on hourly/daily charts maintained their bearish bias, which supports prospects for an eventual break below the mentioned trend-line and further weakness.
Some follow-through weakness below the overnight swing low, around the 1.2975 region, will reaffirm the bearish bias and accelerate the slide further towards the 1.2955-50 area.
The latter coincides with monthly swing lows and hence, some follow-through selling will set the stage for a slide towards challenging 100-day SMA support, or sub-1.2900 levels.
On the flip side, any attempted recovery might confront some fresh supply near the 1.3030-35 region, above which the pair could head towards the 1.3070-75 horizontal barrier.
Sustained strength beyond the mentioned hurdles might prompt some follow-through short-covering move and lift the pair further towards reclaiming the 1.3100 round-figure mark.
GBP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.