GBP/USD remained under some heavy selling pressure for the second straight day. The set-up favours bearish traders and supports prospects for further weakness. Slightly oversold RSI on the 1-hourly chart warrants some caution for bearish traders. The GBP/USD pair witnessed some heavy selling for the second consecutive session on Monday and dived to four-day lows, around the 1.2835 region during the early European session. Given last week’s repeated failures near the key 1.3000 psychological mark, a sustained break below the 1.2910-1.2900 confluence support was seen as a key trigger for intraday bearish traders. The mentioned region comprised of 200-hour SMA and a short-term ascending trend-line support. Bearish technical indicators on 4-hourly/daily charts support prospects for a further near-term depreciating move amid reports that the UK could be headed for another national lockdown. However, slightly oversold RSI (14) on the 1-hourly chart warrants some caution for bearish traders. Nevertheless, the pair still seems vulnerable to extend the downfall further towards testing the 1.2800 round-figure mark. The downward momentum could further get extended and drag the pair back towards multi-week lows, around the 1.2765-60 region touched on September 11th. On the flip side, any attempted recovery move might now confront a stiff resistance and remain capped near the 1.2900 confluence support breakpoint. That said, some follow-through buying might trigger some intraday short-covering move and pushed the pair back to the 1.2965-70 supply zone. 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 EUR/JPY Price Analysis: A move to the 200-day SMA is shaping up FX Street 2 years GBP/USD remained under some heavy selling pressure for the second straight day. The set-up favours bearish traders and supports prospects for further weakness. Slightly oversold RSI on the 1-hourly chart warrants some caution for bearish traders. The GBP/USD pair witnessed some heavy selling for the second consecutive session on Monday and dived to four-day lows, around the 1.2835 region during the early European session. Given last week's repeated failures near the key 1.3000 psychological mark, a sustained break below the 1.2910-1.2900 confluence support was seen as a key trigger for intraday bearish traders. The mentioned region comprised of 200-hour SMA… 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.