GBP/USD Price Analysis: Risks further falls to 1.3600 after breaching daily support line

• GBP/USD falls for the third straight day on Tuesday, 1.3600 remains at risk.
• Pre-Fed and BOE anxiety combined with Brexit concerns weigh on the pair.
• RSI edges lower below the midline, supporting the near-term bearish outlook.

GBP/USD is off the lows but remains pressured towards 1.3600, extending its bearish momentum into the third consecutive day this Tuesday.

The UK and France spar over the fishing rights in the post-Brexit transition rules, making it a nightmare for cable buyers.

Meanwhile, the overall dour market mood ahead of the critical monetary policy decisions from the Fed and the BOE keep the downside pressures intact on the spot.

The near-term technical outlook also paints a gloomy picture for GBP/USD, as the price risks falling further to test the 1.3600 barrier, having decisively breached the rising trendline support on the daily chart at 1.3678 on Monday.

If the 1.3600 support gives way, then a fresh downswing towards the horizontal trendline support, which coincides with October 12 low, at 1.3568 will be inevitable.

The 14-day Relative Strength Index (RSI) is edging lower below the midline, backing a potential move lower in the pair.

GBP/USD: Daily chart

Any recovery attempt could meet the initial supply zone at 1.3686, which was the rising trendline resistance now turned into support.

Up next, 21-Daily Moving Average (DMA) at 1.3697 will restrict the additional advances. The bulls will then challenge the critical horizontal 50-DMA at 1.3712 to seek further validation to the upside.

GBP/USD: Additional levels to consider