GBP/USD Technical Analysis: Skidding across the floor at 1.2700

The GBP/USD is trading stiffly into the 1.2700 technical barrier heading into Wednesday's London market session after seeing continuing Brexit declines, and the near-term pattern is lending itself to fast sell-offs followed by middling inaction.
GBP/USD Forecast: Sterling trapped in a downward spiral near a 10-week low
GBP/USD Forecast: Likely to defend YTD lows ahead of BoE’s Super Thursday

Joshua Gibson FXStreet

GBP/USD, M15

Looking further out, the Cable remains underneath a rock-solid declining trendline with the 50- and 200-hour moving averages pinned firmly in a bearish trend.

GBP/USD, H1

On the H4 candles, the effects of Brexit fears is a clear picture of risk-off in the Cable, and the GBP/USD is trapped in a easy-to-ride bearish pattern.

GBP/USD, H4

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GBP/USD

Overview:
    Last Price: 1.2714
    Daily change: 7.0 pips
    Daily change: 0.0551%
    Daily Open: 1.2707
Trends:
    Daily SMA20: 1.302
    Daily SMA50: 1.3018
    Daily SMA100: 1.3054
    Daily SMA200: 1.3447
Levels:
    Daily High: 1.2814
    Daily Low: 1.2696
    Weekly High: 1.3092
    Weekly Low: 1.2777
    Monthly High: 1.33
    Monthly Low: 1.2786
    Daily Fibonacci 38.2%: 1.2741
    Daily Fibonacci 61.8%: 1.2769
    Daily Pivot Point S1: 1.2664
    Daily Pivot Point S2: 1.2621
    Daily Pivot Point S3: 1.2546
    Daily Pivot Point R1: 1.2781
    Daily Pivot Point R2: 1.2856
    Daily Pivot Point R3: 1.2899

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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