“¢ The pair seesawed between tepid gains/minor losses through the mid-European session on Wednesday and was seen consolidating its recent slide to over two-month lows.
“¢ Given the overnight breakthrough a descending triangle support, coinciding with the very important 200-day SMA, support prospects for an additional depreciating move.
“¢ However, slightly oversold conditions on the 4-hourly chart seemed to be the only factor holding traders from placing aggressive bearish bets and limiting any further downside.
“¢ Meanwhile, oscillators on the daily chart maintained their bearish bias and are still far from oversold territory, suggesting the emergence of fresh selling on every attempted bounce.
“¢ Hence, any rebound towards the mentioned confluence support break-point, around the 1.2970 region, might be seen as an opportunity to initiate some fresh bearish positions.
GBP/USD daily chart
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