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​Technical Analysis: Bumpy road for GBPUSD sellers ahead of 1.2865

Despite Brexit optimism, GBPUSD fails to defy the weakness portrayed from October 21 as the second lockdown in England rekindles fears of a double-dip recession. However, 100-day SMA will precede the confluence of an ascending trend line from June 29 and 38.2% Fibonacci retracement levels, respectively around 1.2875 and 1.2865, to challenge the bears. If at all the downbeat RSI conditions fail to stop the bears around 1.2865, which is less likely considering the US elections, September month lows of 1.2675 will be in the spotlight.

Meanwhile, the 1.3000 psychological magnet can offer immediate resistance ahead of the previous month's resistance near 1.3175. Although the coronavirus (COVID-19) woes are likely to disappoint the Pound buyers past-1.3175, any further upside can challenge the September month's peak surrounding 1.3480/85. It should, however, be noted that 1.3275/80 can act as an extra filter to the north.

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