UK Prime Minister Theresa May said the U.K. would begin the formal process of leaving the European Union by the end of March 2017 and the pound was hit hard. Both technically and fundamentally the pair is aligned now and we might see a retest of 1.2796. At this point bears are in full control.
Bearish channel, inner trend line, 38.2, L3 and multiple rejections at POC 1.2915-30 might reject the price in the case of another retracement and if the pair proceeds below 1.2845 we might see 1.2796. In order to stay bearish short term the GBP/USD must stay below 1.2950.
