GBP/USD Technical Analysis: Remains capped at 100-hour SMA post-dismal US macro data

   “¢   The pair reversed an early dip to a session low level of 1.2772 and attempted a fresh move beyond the 1.2800 handle, albeit struggled to make it through 100-period SMA.  

   “¢   Despite renewed USD selling bias, further aggravated by today’s disappointing US macro data, Brexit uncertainties seemed to keep a lid on any meaningful up-move.

   “¢   Meanwhile, neutral technical indicators on the 1-hourly chart have also failed to provide any firm intraday directional bias and led to a subdued/range-bound price action.

   “¢   However, momentum oscillators on 4-hourly/daily charts point to prevailing selling bias and support prospects for an extension of the pair’s near-term bearish trajectory.

   “¢   Hence, any meaningful up-move beyond 100-hour SMA seems more likely to quickly run out of steam and meet with some aggressive supply at higher levels.
 

GBP/USD 1-hourly chart