• The pair kept losing ground through the mid-European session and is currently placed near the lower end of a short-term descending trend-channel, held over the past one-week or so.
• The fact that the pair remains well below important intraday moving averages - 50, 100 & 200-hour SMA, points to an extension of the ongoing bearish trajectory.
• However, oversold technical indicators on the 1-hourly chart warrant some cautiousness ahead of the UK PM Theresa May's address in parliament later today.
• Meanwhile, a sustained weakness below the trend-channel support will confirm a near-term bearish breakdown and open room for a further near-term depreciating move.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Last Price: 1.2911
Daily change: -72 pips
Daily change: -0.555%
Daily Open: 1.2983
Trends:
Daily SMA20: 1.3084
Daily SMA50: 1.3014
Daily SMA100: 1.3084
Daily SMA200: 1.3473
Levels:
Daily High: 1.3046
Daily Low: 1.2937
Weekly High: 1.3238
Weekly Low: 1.3011
Monthly High: 1.33
Monthly Low: 1.2786
Daily Fibonacci 38.2%: 1.3004
Daily Fibonacci 61.8%: 1.2979
Daily Pivot Point S1: 1.2932
Daily Pivot Point S2: 1.288
Daily Pivot Point S3: 1.2823
Daily Pivot Point R1: 1.304
Daily Pivot Point R2: 1.3097
Daily Pivot Point R3: 1.3148
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