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   “¢   The pair failed to capitalize on the overnight goodish rebound from a support marked by the lower end of a short-term descending trend-channel formation on the 1-hourly chart and met with some fresh supply on Wednesday.

   “¢   The pair weakened back below mid-1.3100s, albeit now seems to have found some support and was seen consolidating in a range around 23.6% Fibonacci retracement level of the recent upsurge to over seven-month tops.

   “¢   The fact that the pair remains well below important intraday moving averages – 50, 100 & 200-hour SMAs, coupled with the death cross chart pattern on the 1-hourly chart clearly points to persistent selling bias.  

   “¢   Moreover, technical indicators on hourly charts have been drifting into negative territory and further add credence to the bearish outlook, though bullish oscillators on the daily chart warrant some caution before placing aggressive bets.

   “¢   Hence, traders are likely to wait for a convincing break through the mentioned trend-channel support, currently near the 1.3085-80 region before positioning for an extension of the corrective slide towards the key 1.30 psychological mark.

GBP/USD 1-hourly chart

GBP/USD

Overview:
       Today Last Price:  1.3143
       Today Daily change:  -33  pips
       Today Daily change %:  -0.25%
       Today Daily Open:  1.3176
Trends:
       Daily SMA20:  1.3037
       Daily SMA50:  1.2946
       Daily SMA100:  1.2882
       Daily SMA200:  1.299
Levels:
       Previous Daily High:  1.3199
       Previous Daily Low:  1.3098
       Previous Weekly High:  1.3351
       Previous Weekly Low:  1.3051
       Previous Monthly High:  1.3351
       Previous Monthly Low:  1.2773
       Daily Fibonacci 38.2%:  1.3136
       Daily Fibonacci 61.8%:  1.316
       Daily Pivot Point S1:  1.3116
       Daily Pivot Point S2:  1.3056
       Daily Pivot Point S3:  1.3015
       Daily Pivot Point R1:  1.3218
       Daily Pivot Point R2:  1.3259
       Daily Pivot Point R3:  1.3319