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 Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD plummets to fresh seven-year lows, closes in on 0.5900 FX Street 2 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
