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GBP/USD Technical Analysis: Breaks below 1.2900 handle, Brexit woes continue to weigh

The pair extended last week's sharp retracement slide from three-week tops and opened with a bearish gap amid renewed Brexit uncertainties.

   •  Friday's decisive break below 200-hour SMA, and a subsequent fall below 50% Fibo. level of the 1.2694-1.3175 up-move was seen as a key trigger for bearish traders. 

   •  The pair's inability to build on the attempted intraday bounce beyond the 1.2945-50 region now points to increased selling interest at higher levels. 

   •  Technical indicators on the 1-hourly chart have drifted into oversold territory and might turn out to be the only factor helping limit further downside for now.

GBP/USD 1-hourly chart


    Last Price: 1.2897
    Daily change: -72 pips
    Daily change: -0.555%
    Daily Open: 1.2969
    Daily SMA20: 1.2978
    Daily SMA50: 1.3032
    Daily SMA100: 1.3034
    Daily SMA200: 1.3403
    Daily High: 1.3073
    Daily Low: 1.2958
    Weekly High: 1.3176
    Weekly Low: 1.2958
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.3002
    Daily Fibonacci 61.8%: 1.3029
    Daily Pivot Point S1: 1.2928
    Daily Pivot Point S2: 1.2886
    Daily Pivot Point S3: 1.2813
    Daily Pivot Point R1: 1.3042
    Daily Pivot Point R2: 1.3115
    Daily Pivot Point R3: 1.3156