GBP/USD Technical Analysis: Set-up suggests some dip-buying to emerge near 1.30 mark, NFP in focus

   “¢   The pair held on to its weaker tone through the mid-European session and is currently placed at the lower end of its daily trading range, flirting with the very important 200-day SMA.

   “¢   Dismal UK manufacturing PMI-led  intraday fall below the 1.3100 handle, and 200-hour SMA  was seen as a key trigger for intraday bearish traders and prompted some additional long-unwinding trade.  

   “¢   Meanwhile, the recent decline since the beginning of this week has been along a short-term descending trend channel and is further reinforced by bearish technical indicators on hourly charts.

   “¢   However, oscillators on the daily chart  maintained their bullish bias and support prospects for some dip-buying near the trend-channel support, or ahead of the key 1.30 psychological mark.

   “¢   Hence, it would be prudent to wait for a convincing break through the mentioned handle before confirming that the pair might have actually topped out and positioning for any further decline.

GBP/USD 1-hourly chart