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  • GBP/USD remained under  intense selling pressure on Wednesday amid sustained USD buying.
  • The ongoing downward trajectory seemed rather unaffected by extremely oversold conditions.

The GBP/USD pair continued losing ground through the mid-European session on Wednesday and tumbled to levels below the 1.1900 mark – the lowest level in over three decades.

The bearish trajectory seemed rather unaffected by extremely oversold conditions on short-term charts and was sponsored by broad-based USD strength amid a global rush to hoard cash.

Meanwhile, the recent downfall has been along a short-term descending trend-channel formation, which points to a well-established bearish trend and support prospects for further downside.

The ongoing downward trajectory seems strong enough to continue dragging the pair further towards challenging the lower end of the mentioned channel, currently near the 1.1800 mark.

Given that the pair has lost over 130 pips from last week’s swing high near the 1.1300 mark, bears are likely to take some breather, rather opt to lighten their bets and provide some immediate respite.

GBP/USD 1-hourly chart

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Technical levels to watch