“¢ The pair has been oscillating between two diverging trend-lines since the beginning of this week, which constituted towards the formation of a broadening wedge on hourly charts.
“¢ The pair already seems to have confirmed a bearish break through the wedge and now seems vulnerable to extend the recent retracement slide from multi-month tops.
“¢ The fact that the pair remains well below its important short-term moving averages – 50, 100 & 200-hour SMAs, reflects increasing selling pressure amid the ongoing Brexit drama.
“¢ Technical indicators have been gaining negative momentum on hourly/daily charts and further reinforce the bearish outlook, setting the stage of a retest of the key 1.30 psychological mark.
GBP/USD 1-hourly chart
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