“¢ The pair has been trending lower along a short-term descending trend-channel over the past 1-1/2 week or so and now seems to have found acceptance below 1.2900 handle (trend-channel support) “¢ Given the recent bearish break through the very important 200-day SMA and descending triangle support, the set-up now points to an extension of the near-term well established bearish trajectory. “¢ Meanwhile, technical indicators on hourly charts are already pointing to slightly oversold conditions and might turn out to be the only factor that might help limit any sharp intraday downfall. “¢ Hence, it would be prudent to wait for a near-term consolidation/modest bounce before traders again start positioning aggressively for a further slide towards testing sub-1.2800 level. GBP/USD 1-hourly chart 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 Riksbank’s Ingves: “Our view is that we will leave negative rates this cycle” FX Street 4 years "¢ The pair has been trending lower along a short-term descending trend-channel over the past 1-1/2 week or so and now seems to have found acceptance below 1.2900 handle (trend-channel support) "¢ Given the recent bearish break through the very important 200-day SMA and descending triangle support, the set-up now points to an extension of the near-term well established bearish trajectory. "¢ Meanwhile, technical indicators on hourly charts are already pointing to slightly oversold conditions and might turn out to be the only factor that might help limit any sharp intraday downfall. "¢… 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.
