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   “¢   The pair retreated further from near eight-month tops and remained on the defensive for the seventh consecutive session, falling to two-week lows around mid-1.3000s in the last hour.

   “¢   The corrective slide has been along a well-established descending trend-channel formation on the 1-hourly chart amid persistent uncertainty over Britain’s exit from the European Union.

   “¢   The fact that the pair remains well below its important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for an extension of the ongoing downward trajectory.

   “¢   However, oscillators on the daily chart have already lost positive momentum but have moved on the verge of falling into oversold zone on hourly charts, warranting caution for bearish traders.

   “¢   Hence, any subsequent slide seems more likely to find decent support near the 1.30 confluence region, comprising of 200-day SMA and 38.2% Fibo. level of the 1.2396-1.3350 recent upsurge.

GBP/USD 1-hourly chart

GBP/USD

Overview:
       Today Last Price:  1.3055
       Today Daily change:  -19  pips
       Today Daily change %:  -0.15%
       Today Daily Open:  1.3074
Trends:
       Daily SMA20:  1.3055
       Daily SMA50:  1.2965
       Daily SMA100:  1.2883
       Daily SMA200:  1.2988
Levels:
       Previous Daily High:  1.3187
       Previous Daily Low:  1.3068
       Previous Weekly High:  1.3351
       Previous Weekly Low:  1.3051
       Previous Monthly High:  1.3351
       Previous Monthly Low:  1.2773
       Daily Fibonacci 38.2%:  1.3113
       Daily Fibonacci 61.8%:  1.3141
       Daily Pivot Point S1:  1.3032
       Daily Pivot Point S2:  1.2991
       Daily Pivot Point S3:  1.2914
       Daily Pivot Point R1:  1.3151
       Daily Pivot Point R2:  1.3228
       Daily Pivot Point R3:  1.3269