“¢ The pair failed to capitalize on the early uptick and drifted into negative territory for the second consecutive session, retreating farther from one-month tops set on Friday.
“¢ An intraday slide below 100-hour SMA was seen as a key trigger behind the pair’s latest leg of a sharp decline in the past hour amid a goodish pickup in the USD demand.
“¢ Currently hovering around 38.2% Fibo. level of the 1.2866-1.3177, a follow-through selling now seems to accelerate the slide further towards the key 1.30 psychological mark.
“¢ The mentioned handle marks a confluence support – comprising of 200-hour SMA and 50% Fibo. level and should act as a key pivotal point for the pair’s near-term trajectory.
“¢ Meanwhile, technical indicators on the 1-hourly chart have been gaining negative traction and losing positive momentum on 4-hourly/daily charts, suggesting a further decline.
GBP/USD 1-hourly chart
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