GBP/USD continues to slide after breaching key support levels, with downside momentum intact and limited signs of recovery ahead, Société Générale's FX analysts note.
"GBP/USD gave up the 200-DMA last month and breached the lower limit of its consolidation (1.3140) resulting in extension of decline. It is approaching projections of 1.2940/1.2920, which could be an interim support."
"Daily MACD is within deep negative territory highlighting a stretched decline, however signals of a meaningful rebound are not yet visible. The moving average around 1.3250 may cap upside. Inability to overcome this hurdle can result in persistence of down move."