- The GBP/USD pair met with some fresh supply at the start of a new trading week and erased a major part of Friday’s goodish up-move to near three-week tops.
- The intraday slide managed to find some support near the 1.2700 confluence support – comprising of 100-hour SMA and near one-week-old ascending trend-line.
Meanwhile, technical indicators on the 1-hourly chart have been gaining negative momentum and losing traction on the 4-hourly chart. This coupled with bearish oscillators on the daily chart support prospect for an eventual bearish breakdown on intraday charts.
The mentioned support should now act as a key pivotal point for the pair’s intraday momentum, though traders are likely to wait for today’s important UK macro data – including the monthly GDP growth figures, before placing any aggressive bets.
On the upside, immediate resistance is pegged near the 1.2730 area but the key hurdle remains near the 1.2745-50 region. Only a sustained break through the mentioned barrier might negate the bearish outlook and trigger a near-term short-covering move.
GBP/USD 1-hourly chart
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