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For the second day, the GBP/USD currency pair is under quite strong selling pressure again. Perhaps the main reason for the downward dynamics of the British pound was the information that the deal between the UK and the European Union may not take place, which means the implementation of the scenario of a hard Brexit. However, negotiations between the parties to the divorce process have not yet been completed, and they will continue today in London.
As for the technical picture, the pair started implementing a downward scenario, which implied a breakdown of the support level of 1.3174 and a decline to the resistance line of 1.5817-1.3184. At the moment, sales of the British currency continue and are becoming more aggressive. Now there is a breakdown of the important level of 1.3100, if implemented, the next targets for bears on the pound will be 1.3050 and the most important psychological level of 1.3000.
Like in the case of the euro/dollar, there is less doubt that the trend has changed for the GBP/USD pair. In my opinion, there is a small chance of resuming growth without taking into account corrective pullbacks, which seem to be extremely insignificant.
H4
On this chart, the pair has already fallen below the 50 simple and 89 exponential moving averages, and right now it is testing for a breakdown of the 200 exponential. Judging by this picture, we can assume two trading options. If the breakout of the 200 EMA does not take place and a reversal bullish model of candle analysis appears, this will be a signal to open long positions with the goals of 1.3150 and 1.3174, from where it is already worth looking at the pair's sales. The second option implies a true breakdown of the 200 EMA, after which you can think about the pair's sales on the rollback to the broken 200 exponentials.
H1
After a brief consolidation, at the end of this article, the decline is gaining momentum. In such a situation, it is not necessary to enter the market, that is to jump into the departing train. I suggest you be patient and wait for a corrective pullback to the levels of 1.3135, 1.3150, and 1.3174, then consider selling the British currency. If the pair breaks through the mark of 1.3100 and gains a foothold under it with three consecutive hourly candles, you can try aggressive sales of the British currency on the pullback to the broken level. Since today's economic calendar for this currency pair does not contain macroeconomic reports, trading on GBP/USD is likely to be influenced by technical factors and market sentiment, which is not on the side of the British pound.
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