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.

Joshua Gibson FXStreet

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)

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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