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   “¢   The pair struggled to build on its early momentum to over one-week tops, levels just above 100-day SMA and has now eroded a major part of Friday’s strong gains.

   “¢   The corrective slide dragged the pair below an important confluence support, comprising of 200-hour SMA and 38.2% Fibonacci retracement level of the 1.2922-1.3133 two-day up-move.

   “¢   The selling pressure seems to have abated near 50% Fibo. level support, albeit bearish technical indicators on the 1-hourly chart point to an extension of the intraday slide.  

   “¢   A convincing break through the mentioned support, leading to a subsequent weakness below the 100-hour SMA might turn the pair vulnerable and negate prospects for any further appreciating move.


GBP/USD 1-hourly chart

GBP/USD

Overview:
       Last Price:  1.3044
       Daily change:  -75  pips
       Daily change:  -0.572%
       Daily Open:  1.3119
Trends:
       Daily SMA20:  1.3088
       Daily SMA50:  1.2973
       Daily SMA100:  1.3111
       Daily SMA200:  1.3499
Levels:
       Daily High:  1.3123
       Daily Low:  1.3003
       Weekly High:  1.3123
       Weekly Low:  1.2922
       Monthly High:  1.33
       Monthly Low:  1.2897
       Daily Fibonacci 38.2%:  1.3077
       Daily Fibonacci 61.8%:  1.3049
       Daily Pivot Point S1:  1.304
       Daily Pivot Point S2:  1.2962
       Daily Pivot Point S3:  1.292
       Daily Pivot Point R1:  1.316
       Daily Pivot Point R2:  1.3202
       Daily Pivot Point R3:  1.328