GBP/USD remained under some intense selling pressure for the second straight day. Bears now await a break below ascending channel support before placing fresh bets. Attempted recovery beyond the 1.3200 mark might be seen as a selling opportunity. The GBP/USD pair added to the overnight losses and witnessed some heavy selling for the second consecutive session on Friday. The downward momentum dragged the pair to over three-week lows, around the 1.3175 region during the mid-European session. The incoming headlines have been fueling worries about a no-deal Brexit, which, in turn, took its toll on the British pound. This, along with a softer risk tone, underpinned the US dollar’s relative safe-haven status and contributed to the intraday decline. The GBP/USD pair was now seen hovering near short-term ascending channel support, extending from September monthly lows. Given last week’s false breakout through the mentioned channel, a convincing break below will be seen as a fresh trigger for bearish traders. Meanwhile, technical indicators on the daily chart have just started drifting into the bearish territory and support prospects for an eventual breakdown. That said, traders might still wait for some follow-through selling before placing fresh bearish bets. The GBP/USD pair might then turn vulnerable to weaken below the 1.3100 mark and accelerate the corrective slide further towards the next major support near the 1.3065-55 horizontal support. On the flip side, any meaningful recovery attempt back above the 1.3200 mark might be seen as a selling opportunity and remain capped near the 1.3265-70 region. This is closely followed by the 1.3290-1.3300 area, which if cleared might trigger a short-covering move around the GBP/USD pair. GBP/USD daily 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 USD/INR to move downward as 2021 will be an encore for the rupee – ANZ FX Street 2 years GBP/USD remained under some intense selling pressure for the second straight day. Bears now await a break below ascending channel support before placing fresh bets. Attempted recovery beyond the 1.3200 mark might be seen as a selling opportunity. The GBP/USD pair added to the overnight losses and witnessed some heavy selling for the second consecutive session on Friday. The downward momentum dragged the pair to over three-week lows, around the 1.3175 region during the mid-European session. The incoming headlines have been fueling worries about a no-deal Brexit, which, in turn, took its toll on the British pound. This, along with… 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.
