GBP/USD Technical Analysis: Sterling faces downside pressure from potential hard Brexit

Last week's whipping breaks the previous descending channel in both directions.
Hourly indicators are mixed as technicals struggle to catch up with velocity.
Last week's House of Lords voting on Brexit raises potential for hard Brexit, adding bearish pressure to the Sterling.

Joshua Gibson FXStreet

GBP/USD Chart, 1-Hour chart

Spot rate: 1.3268
Relative change: 0.05%
High: 1.3279
Low: 1.3261

Trend: Bearish

Support 1: 1.3175 (S2 1-day pivot)
Support 2: 1.3139 (S3 1-day pivot)
Support 3: 1.3211 (current month low)

Resistance 1: 1.3301 (38.2% 1-week Fibonacci retracement level)
Resistance 2: 1.3356 (61.8% 1-week Fibonacci retracement level)
Resistance 3: 1.3403 (R3 1-day pivot)

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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