- The GBP/USD pair traded with a mild negative bias for the third consecutive session on Friday and extended this week’s rejection slide from the 1.2750-60 supply zone.
- The pair has now dropped to the lower end of its weekly trading range, around the 1.2650 region, which if broken would set the stage for a further near-term depreciating move.
Meanwhile, technical indicators on hourly & daily charts maintained their bearish bias, adding credence to the negative outlook supporting prospects for an eventual bearish breakdown amid persistent Brexit uncertainties. A follow-through selling might turn the pair vulnerable to extend the downward trajectory towards challenging the 1.2600 round figure mark en-route multi-month lows support near the 1.2560 region.
On the flip side, the 1.2675 region, closely followed by the 1.2700 handle now seems to act as immediate resistance levels, which if cleared might assist the pair to make a fresh attempt towards challenging the 1.2750-60 important barrier. Only a sustained move beyond the mentioned hurdle might prompt some near-term short-covering move further towards the 1.2800 handle ahead of the next major hurdle near the 1.2860-65 region.
GBP/USD 1-hourly chart
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