GBP/USD Technical Analysis: Risks confirming a near-term bearish break below 1.3200 handle

   •  The pair continued with its good two-way price action within a broader trading range, held over the past few trading sessions, and seems to have formed a rectangle pattern on hourly charts.

   •  A rectangle is usually a continuation pattern that forms as during a pause in the trend - bullish in this case, but can also mark significant tops, which can be inferred from the recent price action.

   •  A convincing break below the 1.3200 handle, leading to a subsequent breakthrough 200-hour SMA will add credence to the bearish outlook and prompt some aggressive selling around the major.

   •  Below the mentioned region, the pair is likely to accelerate the fall towards testing 1.3155 intermediate support before eventually dropping to sub-1.3100 level to test next support near the 1.3070 region.

GBP/USD 1-hourly chart