GBP/USD Technical Analysis: Flirting with a descending trend-channel support, 6-week lows ahead of May's speech

   •  The pair kept losing ground through the mid-European session and is currently placed near the lower end of a short-term descending trend-channel, held over the past one-week or so. 

   •  The fact that the pair remains well below important intraday moving averages - 50, 100 & 200-hour SMA, points to an extension of the ongoing bearish trajectory.

   •  However, oversold technical indicators on the 1-hourly chart warrant some cautiousness ahead of the UK PM Theresa May's address in parliament later today.

   •  Meanwhile, a sustained weakness below the trend-channel support will confirm a near-term bearish breakdown and open room for a further near-term depreciating move.

GBP/USD 1-hourly chart