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   “¢   The pair has been trending lower along a short-term descending trend-channel over the past 1-1/2 week or so and now seems to have found acceptance below 1.2900 handle (trend-channel support)

   “¢   Given the recent bearish break through the very important 200-day SMA and descending triangle support, the set-up now points to an extension of the near-term well established bearish trajectory.

   “¢   Meanwhile, technical indicators on hourly charts are already pointing to slightly oversold conditions and might turn out to be the only factor that might help limit any sharp intraday downfall.

   “¢   Hence, it would be prudent to wait for a near-term consolidation/modest bounce before traders again start positioning aggressively for a further slide towards testing sub-1.2800 level.

GBP/USD 1-hourly chart