GBP/USD Technical Analysis: Tumbling into 1.2950 as bears get brave, downside channel holding

The past twenty-four hours have seen the GBP/USD trading into the basement after slipping from yesterday's peak of 1.3090 in a last-ditch attempt to recover the 1.3100 major handle, but the Sterling couldn't find the bullish drive as Brexit headlines continue to erode investor confidence in the Pound, and the Cable is now accelerating its bearish momentum.
GBP/USD analysis: the end of a Brexit deal hopes?

Joshua Gibson FXStreet

GBP/USD, M5

The previous trading week sees the Cable maintaining downside momentum, clipping steadily down beneath a descending trendline, and GBP/USD buyers are moving out of the way as shortsellers push the pair into 1.2950.

GBP/USD, M30

Looking back over the past month, the Cable is threatening to fall out the bottom side of a declining channel, but support threatens the current downside move from 2018's technical bottom at 1.2922.

GBP/USD, H4

GBP/USD

Overview:
    Last Price: 1.2963
    Daily change: -5.0 pips
    Daily change: -0.0386%
    Daily Open: 1.2968
Trends:
    Daily SMA20: 1.3094
    Daily SMA50: 1.3009
    Daily SMA100: 1.3088
    Daily SMA200: 1.3477
Levels:
    Daily High: 1.3092
    Daily Low: 1.2956
    Weekly High: 1.3238
    Weekly Low: 1.3011
    Monthly High: 1.33
    Monthly Low: 1.2786
    Daily Fibonacci 38.2%: 1.3008
    Daily Fibonacci 61.8%: 1.304
    Daily Pivot Point S1: 1.2919
    Daily Pivot Point S2: 1.287
    Daily Pivot Point S3: 1.2784
    Daily Pivot Point R1: 1.3054
    Daily Pivot Point R2: 1.314
    Daily Pivot Point R3: 1.3189

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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