“¢ The pair continued with its struggle to make it through the 1.3120 supply zone and has now moved on the verge of decisively breaking below a short-term ascending trend-line support.
“¢ The mentioned support, constituting to form an ascending triangle on hourly charts, coincides with 100-hour SMA and should act as a key pivotal point for the pair’s near-term trajectory.
“¢ On a convincing break through the said confluence support, the near-term bias will turn more bearish and accelerate the slide towards the 1.3030 region en-route the key 1.30 psychological mark.
“¢ On the flip side, any meaningful up-move might continue to confront some fresh supply near the 1.3100 handle, albeit the 1.3120 region will remain a key level for short-term bullish traders.
GBP/USD 1-hourly chart
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