GBP/USD technical analysis: Plummets to fresh 3-month lows, bears might now target 1.2800 handle

• Bearish pressure around the British Pound remained unabated on Wednesday, with the GBP/USD pair tumbling to near three-month lows in the last hour.  |  15/05/2019 15:24

   •  Bearish pressure around the British Pound remained unabated on Wednesday, with the GBP/USD pair tumbling to near three-month lows in the last hour.

   •  Given the overnight slide below the very important 200-day SMA, a follow-through weakness the 1.2900 handle was seen as a key trigger for bearish traders.

The mentioned handle nears the 50% Fibonacci retracement level of the 1.2438-1.3385 recent up-move and might have prompted some fresh technical selling, paving the way for a further near-term depreciating move.

Meanwhile, technical indicators are already pointing to highly oversold conditions on hourly charts and hence, any subsequent slide might find some support near the 61.8% Fibonacci level around the 1.2800 handle.

However, oscillators on the daily chart are still far from being in the oversold territory and hence, any attempted bounce might still be seen as a selling opportunity near the mentioned support break-point around the 1.2900 mark.

GBP/USD daily chart

 

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