GBP/USD Technical Analysis: Sterling faces downside pressure from potential hard Brexit

• Last week’s whipping breaks the previous  descending channel in both directions.
• Hourly indicators are mixed as technicals struggle to catch up with velocity.
• Last week’s House of Lords voting on Brexit raises potential for hard Brexit, adding bearish pressure to the Sterling.

GBP/USD Chart, 1-Hour chart

Spot rate:             1.3268
Relative change: 0.05%
High:                    1.3279
Low:                     1.3261

Trend:                  Bearish

Support 1:           1.3175 (S2 1-day pivot)
Support 2:           1.3139 (S3 1-day pivot)
Support 3:           1.3211 (current month low)

Resistance 1:      1.3301 (38.2% 1-week Fibonacci retracement level)
Resistance 2:      1.3356 (61.8% 1-week Fibonacci retracement level)
Resistance 3:      1.3403 (R3 1-day pivot)