GBP/USD technical analysis: Bears set to regain control, sustained break below weekly lows awaited

The GBP/USD pair once again failed to make it through the 1.2750-60 supply zone on Wednesday, forming a bearish double-top pattern on the 1-hourly chart.
A subsequent break below the 1.2700 handle - coinciding with 200-hour SMA, was seen as a key trigger for bearish traders and a follow-through slide on Thursday.

Haresh Menghani FXStreet

Despite the pullback, the pair remains well within this week's broader trading range and thus, warrant some caution before positioning for any further depreciating move ahead of the first round of votes for the UK leadership contest.

Meanwhile, technical indicators on the daily chart maintained their bearish bias on the daily chart and have also started gaining negative momentum on the 4-hourly chart, supporting prospects for an eventual bearish breakdown.

However, traders are likely to wait for a convincing break below weekly lows support near the 1.2655-50 region, below which the pair is likely to accelerate the slide further towards challenging the 1.2600 round figure mark.

On the flip side, any attempted recovery might now confront some fresh supply near the 1.2700 handle, though the 1.2745-50 region remains a key pivotal point for bulls and to negate the well-established near-term bearish set-up.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.2675
Today Daily Change	-0.0015
Today Daily Change %	-0.12
Today daily open	1.269

Trends
Daily SMA20	1.2688
Daily SMA50	1.2882
Daily SMA100	1.2991
Daily SMA200	1.2943

Levels
Previous Daily High	1.2759
Previous Daily Low	1.2681
Previous Weekly High	1.2763
Previous Weekly Low	1.261
Previous Monthly High	1.3178
Previous Monthly Low	1.2559
Daily Fibonacci 38.2%	1.2711
Daily Fibonacci 61.8%	1.2729
Daily Pivot Point S1	1.2661
Daily Pivot Point S2	1.2632
Daily Pivot Point S3	1.2583
Daily Pivot Point R1	1.2739
Daily Pivot Point R2	1.2788
Daily Pivot Point R3	1.2817

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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