“¢ The pair had good two-way price moves since the beginning of this week and has been oscillating in an ascending trend-channel formation on hourly charts.
“¢ However, the fact that the pair remains well below important intraday moving averages – 50, 100 & 200-hour SMAs, points to increasing near-term selling bias.
“¢ Meanwhile, technical indicators on hourly/daily charts have just started gaining negative traction and add credence to the bearish outlook amid the recent Brexit chaos.
“¢ A convincing break below the trend-channel support will confirm a near-term bearish breakdown and accelerate the slide towards the key 1.30 psychological mark.
GBP/USD 1-hourly chart
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