GBP/USD Price Analysis: More downside looks certain below 1.1500

• A fakeout of the Rising Channel brought a sheer downside to the cable.
• Declining 20-and 50-EMAs add to the downside filters.
• The RSI (14) is on the verge of slipping into the bearish range of 20.00-40.00.

The GBP/USD pair has witnessed a steep fall after failing to surpass the critical hurdle of 1.1550 in the Tokyo session. A pullback move from Wednesday’s low at 1.1480 has concluded now and the market participants have initiated shorts by capitalizing on the bargain buy.

On an hourly scale, a perpendicular selling move by the pound bulls is visible after failing to sustain the upside break of the Rising Channel chart pattern. The upper portion of the above-mentioned chart pattern is placed from September 2 high at 1.1588 while the lower portion is plotted from the previous week’s low at 1.1405.

The 20-and 50-period Exponential Moving Averages (EMAs) at 1.1535 and 1.1555 respectively have turned lower, which adds to the downside filters.

Also, the Relative Strength Index (RSI) (14) is on the verge of shifting into a bearish range of 20.00-40.00, which will trigger a downside momentum.

A decisive break below the psychological support of 1.1500 will drag cable towards September 4 low at 1.444, followed by the previous week’s low at 1.1405.

On the contrary, a break above August 31 high at 1.1694 will send the asset towards August 30 high at 1.1761. A breach of the latter will drive the major towards August 25 high at 1.1855.

GBP/USD hourly chart