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   “¢   The pair extended its retracement slide from multi-month tops and remained under some heavy selling pressure for the fourth consecutive session on Tuesday.

   “¢   The corrective slide has been along a descending trend-channel formation on the 1-hourly chart and every attempted recovery remained capped at 50-hour SMA.

   “¢   The intraday fall has now dragged the pair to the trend-channel support, also coinciding with 23.6% Fibonacci retracement level of the 1.2396-1.3350 recent upsurge.

   “¢   Technical indicators on hourly charts have been gaining negative momentum and losing positive traction on the daily chart, though managed to hold in the bullish territory.

   “¢   Hence, it would be prudent to wait for a convincing break through the mentioned confluence support, and the 1.3100 handle before positioning for any further near-term downfall.  

GBP/USD 1-hourly chart

GBP/USD

Overview:
       Today Last Price:  1.3121
       Today Daily change:  -55  pips
       Today Daily change %:  -0.42%
       Today Daily Open:  1.3176
Trends:
       Daily SMA20:  1.3026
       Daily SMA50:  1.2936
       Daily SMA100:  1.2882
       Daily SMA200:  1.299
Levels:
       Previous Daily High:  1.3269
       Previous Daily Low:  1.3166
       Previous Weekly High:  1.3351
       Previous Weekly Low:  1.3051
       Previous Monthly High:  1.3351
       Previous Monthly Low:  1.2773
       Daily Fibonacci 38.2%:  1.3205
       Daily Fibonacci 61.8%:  1.323
       Daily Pivot Point S1:  1.3139
       Daily Pivot Point S2:  1.3101
       Daily Pivot Point S3:  1.3035
       Daily Pivot Point R1:  1.3242
       Daily Pivot Point R2:  1.3307
       Daily Pivot Point R3:  1.3345