The pair remains in the short-term downtrend because of the drop in expectations of the Bank of England raising the interest rates, and also the threat of a government crisis in the UK following the unclear prospects in the aftermath of Brexit.
The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is above the oversold zone. Stoch are entering the overbought zone.
The pair may continue falling after the rebound to 1.3155 as it's locally technically oversold. But if it remains on this level, the price is likely to go further down to 1.2935.
Author: Semyon Kamensky