“¢ The pair met with some fresh supply at the start of a new trading week and traded with a negative bias through the mid-European session, eroding a part of Friday’s upsurge to one-month tops.
“¢ Slightly overbought conditions on hourly charts seemed to be the only factor prompting some long-unwinding trade amid the prevalent risk-off mood, triggered by renewed US-China trade tensions.
“¢ The pair now seems to have found some support near the 1.3100 confluence region – comprising of 50-day SMA and 23.6% Fibonacci retracement level of the 1.2866-1.3177 recent positive move.
“¢ With oscillators on the daily chart still holding in the bullish territory, any subsequent dips might still be seen as a buying opportunity and hence, limit the downside near the 1.3060-50 support.
GBP/USD 1-hourly chart
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