GBP/USD Technical Analysis: Breaks below 1.2900 handle, Brexit woes continue to weigh

   •  The pair extended last week's sharp retracement slide from three-week tops and opened with a bearish gap amid renewed Brexit uncertainties.

   •  Friday's decisive break below 200-hour SMA, and a subsequent fall below 50% Fibo. level of the 1.2694-1.3175 up-move was seen as a key trigger for bearish traders. 

   •  The pair's inability to build on the attempted intraday bounce beyond the 1.2945-50 region now points to increased selling interest at higher levels. 

   •  Technical indicators on the 1-hourly chart have drifted into oversold territory and might turn out to be the only factor helping limit further downside for now.
 

GBP/USD 1-hourly chart