GBP/USD witnessed some heavy selling post-BoE and broke below ascending channel support. The set-up favours bearish traders and supports prospects for a slide back toward multi-week lows. Any attempted bounce will be seen as a selling opportunity and remain capped near the 1.2900 mark. The GBP/USD pair added to its post-BoE losses and continued losing ground through the early North American session. The downward momentum dragged the pair further below the 1.2900 level, support marked by the lower boundary of a short-term ascending channel. Given last week’s huge sell-off, the mentioned channel constituted the formation of a bearish continuation flag pattern on short-term charts. A convincing breakthrough the channel support might have already set the stage for the resumption of the bearish trend. The negative outlook is further reinforced by bearish technical indicators on the daily chart. Hence, some follow-through weakness below the 1.2800 round-figure mark, towards retesting multi-week lows, around the 1.2765-60 region, now looks a distinct possibility. The latter is closely followed by the very important 200-day SMA, around the 1.2730 zone, which if broken decisively will be seen as a fresh trigger for bearish traders. This, in turn, will pave the way for a further near-term depreciating move. On the flip side, any attempted recovery might confront a stiff resistance near the mentioned trend-channel support breakpoint, now turned resistance near the 1.2900 mark. Any subsequent move up will now be seen as a selling opportunity and runs the risk of fizzling out rather quickly. 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/USD looks to stabilize around 1.1800 FX Street 2 years GBP/USD witnessed some heavy selling post-BoE and broke below ascending channel support. The set-up favours bearish traders and supports prospects for a slide back toward multi-week lows. Any attempted bounce will be seen as a selling opportunity and remain capped near the 1.2900 mark. The GBP/USD pair added to its post-BoE losses and continued losing ground through the early North American session. The downward momentum dragged the pair further below the 1.2900 level, support marked by the lower boundary of a short-term ascending channel. Given last week's huge sell-off, the mentioned channel constituted the formation of a bearish continuation flag… 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.