GBP/USD Technical Analysis: Bearish channel continuing to hold as 1.2900 disappears

• The past twenty-four hours have seen the GBP/USD take another step lower as Brexit concerns continue to grip the Cable, squeezing trader confidence out of the Pound and taking the pair down past the 1.2900 technical level. The downside remains a high risk as broader markets continue to chew on risk-off events globally, but a sharp rebound could see intraday buyers piling into a correction early.
• GBP/USD analysis: Brexit uncertainty keeps hurting Pound

GBP/USD, M5

• The past week has seen the GBP/USD solidify its current downward trend, as an accelerating bearish channel continues to hold in place and buying action remains constrained within the upper bounds of the chart pattern, but frequent false breaks of the upper bound is keeping short-sellers off-kilter.

GBP/USD, M30

• Over the past month, the Sterling has seen a rollover into a bearish trend, and the downside channel is looking like it could have room to run even further, but halting periods of buying could see the GBP/USD stumble its way into a bullish recovery if enough bidders climb about to force the Sterling out of its low side trend.

GBP/USD, H4

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