• Struggled to move back above 200-hour SMA and has now fallen to test a short-term descending trend-channel formation on the 1-hourly chart.
• With short-term technical indicators holding in negative territory, a modest rebound, following the release of updated Brexit white paper, might turn out to be short-lived.
• Stronger-than-expected US CPI print might trigger a fresh bout of selling and contribute towards confirming a near-term bearish breakdown.
GBP/USD 1-hourly chart
Spot rate: 1.3192
Daily High: 1.3226
Daily Low: 1.3180
Trend: Bearish below trend-channel support
R1: 1.3226 (current day swing high)
R2: 1.3256 (100-period SMA H1)
R3: 1.3317 (R2 daily pivot-point)
S1: 1.3180 (descending trend-channel)
S2: 1.3144 (S2 daily pivot-point)
S3: 1.3095 (July 2 swing low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.