GBP/USD Technical Analysis: Cable reverses daily gains as Germany says UK cutsoms plan unworkable

• GBP/USD lost about 70 pips from its daily highs virtually erasing all gains since Asia as Germany is unconvinced by UK PM May’s post-Brexit customs plan, according to Bloomberg.
• GBP/USD broke the bullish trendline to the downside as it is now nearing the 1.3200 figure. The downward move is strong and more losses can be on the cards if 1.3200 cannot provide support.

GBP/USD 15-minute chart  

Spot rate:               1.3221
Relative change:      -0.13%      
High:                      1.3275
Low:                       1.3204

Trend:                    Bearish

Resistance 1:        1.3251 Wednesday high
Resistance 2:        1.3275, weekly high
Resistance 3:        1.3300 figure

Support 1:             1.3200 figure
Support 2:             1.3155 former breakout point
Support 3:             1.3100 figure
Support 4:             1.3049 current 2018 low
Support 5:             1.3027 October 6, 2017 swing low