GBP/USD Technical Analysis: Decisive break below broadening wedge sets the stage for further downfall

   •  The pair has been oscillating between two diverging trend-lines since the beginning of this week, which constituted towards the formation of a broadening wedge on hourly charts.

   •  The pair already seems to have confirmed a bearish break through the wedge and now seems vulnerable to extend the recent retracement slide from multi-month tops.

   •  The fact that the pair remains well below its important short-term moving averages - 50, 100 & 200-hour SMAs, reflects increasing selling pressure amid the ongoing Brexit drama.

   •  Technical indicators have been gaining negative momentum on hourly/daily charts and further reinforce the bearish outlook, setting the stage of a retest of the key 1.30 psychological mark.

GBP/USD 1-hourly chart