GBP/USD Technical Analysis: Sustained weakness below 1.30 mark to confirm a bearish breakdown

   •  Over the past three months or so, the pair has been oscillating between two converging trend-line and is currently placed near the lower ascending trend-line support.

   •  Against the backdrop of the recent decline since mid-April, the trend-lines constituted towards the formation of a bearish continuation - pennant pattern on the daily chart.

   •  Adding to this, yesterday's break and a subsequent acceptance below 100-day SMA adds credence to the bearish formation, increasing prospects for a further near-term downfall.

   •  A sustained weakness below the key 1.30 psychological mark will confirm a near-term bearish breakdown and pave the way for the resumption of the prior/well-established trend.
 

GBP/USD daily chart