GBP/USD Price Analysis: Cable has been negative throughout the session

• GBP/USD is trading 0.56% lower on Monday as the pound struggled all session.
• The dollar was not exactly trading well but had a resurgence late in US hours.

GBP/USD 4-hour chart

GBP has had a torrid session and has spent most of the session in the red. There was some financial media reports that the UK government has told businesses in the nation to prepare for a "Brexit Crunch". This will prepare the UK companies for no extension past the 31st December deadline and this is set to happen despite what agreement is put in place.

Looking at the chart below, the black trendline has broken to the downside and now the support levels are in focus. The next major zone on the downside is at the 1.25 psychological level. The 200 Simple Moving Average is also close by and close help stem any further losses. 

Looking at the indicators the MACD histogram is already in the red but the signal lines are still above the mid-point. The Relative Strength Index has just dipped under the 50 area which is a bearish sign. Since the price hit the resistance close to 1.2650 it seems the price was destined to move lower.

Additional levels