GBP/USD Technical Analysis: Sterling following bearish channel lower, 1.34 fading in lower highs

  • Downward channel remains in place, bulls stepping back despite the recent Lords' vote on Brexit.
  • Hourly indicators are heading into London markets in oversold territory, retouch of channel's upper boundary likely.
  • Recent lows are signaling a constrain on selling power; descending barrier could shape into a flat support zone.

GBP/USD Chart, 1-Hour

Spot rate: 1.3368
Relative change: Negligible
High: 1.3375
Low: 1.3358

Trend: Bearish

Support 1: 1.3342 (Wednesday low) 
Support 2: 1.3306 (61.8% Fibonacci retracement level)
Support 3: 1.3204 (one month low; technical bottom)

Resistance 1: 1.3424 (Wednesday high)
Resistance 2: 1.3471 (two-week high; technical top)
Resistance 3: 1.3502 (1-Day Pivot R3)

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