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   “¢   Over the past 48-hours or so, the pair has been oscillating in a narrow trading band between 61.8% and 50% Fibonacci retracement level of the 1.2866-1.3177 recent upsurge.

   “¢   However, the fact that the pair remains well below its important intraday moving averages – 100 & 200-hour SMA, clearly points to further downside amid the Brexit stalemate.  

Adding to this, the appearance of the death-cross on the 1-hourly chart, wherein 50-hour SMA has crossed below the 200-hour SMA, indicates the potential for another leg of a downfall in the near-term.  

Meanwhile, oscillators have just started gaining bearish traction on hourly/daily charts and reinforce the negative outlook, which will be confirmed on a sustained break below the very important 200-day SMA.

Hence, traders are likely to wait for a convincing break through the mentioned support, currently near the 1.2960, before positioning for any further depreciating move towards retesting the 1.2900 handle.

On the flip side, a decisive strength beyond the 1.3030-35 region – trading range hurdle, might negate the bearish bias and prompt some near-term short-covering move towards reclaiming 1.3100 mark.

GBP/USD 1-hourly chart