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   “¢   The pair extended the previous session’s sharp rejection slide from 200-hour SMA, or weekly tops, and dropped to fresh one-month lows in the last hour.

   “¢   Given the overnight fake breakout through over two-week-old descending trend-channel, the price action clearly points to persistent selling bias.

   “¢   Technical indicators on hourly charts maintained their bearish bias and have been gaining negative traction on the daily chart, reinforcing the negative outlook.

   “¢   Hence, a sustained weakness below the 1.2800 handle might prompt some fresh technical selling and pave the way for a test of the descending trend-channel support.

GBP/USD 1-hourly chart

GBP/USD

Overview:
       Today Last Price:  1.2811
       Today Daily change %:  -0.29%
       Today Daily Open:  1.2848
Trends:
       Daily SMA20:  1.3
       Daily SMA50:  1.2821
       Daily SMA100:  1.2882
       Daily SMA200:  1.3014
Levels:
       Previous Daily High:  1.2959
       Previous Daily Low:  1.2848
       Previous Weekly High:  1.3103
       Previous Weekly Low:  1.2854
       Previous Monthly High:  1.3214
       Previous Monthly Low:  1.2438
       Daily Fibonacci 38.2%:  1.289
       Daily Fibonacci 61.8%:  1.2917
       Daily Pivot Point S1:  1.2811
       Daily Pivot Point S2:  1.2773
       Daily Pivot Point S3:  1.2699
       Daily Pivot Point R1:  1.2922
       Daily Pivot Point R2:  1.2997
       Daily Pivot Point R3:  1.3034