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   “¢   The pair’s goodish intraday upsurge stalled at a previous horizontal support, now turned resistance, around the 1.2800 handle, coinciding with 38.2% Fibo. level of the 1.2927-1.2725 downfall.

   “¢   This is followed by important intraday moving averages (100 & 200-hour SMA) confluence hurdle and should continue to collaborate towards keeping a lid on any follow-through positive momentum.  

   “¢   Meanwhile, technical indicators on the 1-hourly chart have already recovered from the bearish territory but are yet to catch up with the positive momentum on 4-hourly and daily charts.  

   “¢   Hence, it would be prudent to wait for a convincing break through the mentioned hurdles before confirming that the pair might have already formed a firm base near the 1.2725 region (monthly lows).
 

GBP/USD 1-hourly chart

GBP/USD

Overview:
       Today Last Price:  1.279
       Today Daily change:  56  pips
       Today Daily change %:  0.440%
       Today Daily Open:  1.2734
Trends:
       Previous Daily SMA20:  1.2906
       Previous Daily SMA50:  1.2992
       Previous Daily SMA100:  1.299
       Previous Daily SMA200:  1.3335
Levels:
       Previous Daily High:  1.2836
       Previous Daily Low:  1.2725
       Previous Weekly High:  1.2928
       Previous Weekly Low:  1.2764
       Previous Monthly High:  1.326
       Previous Monthly Low:  1.2696
       Previous Daily Fibonacci 38.2%:  1.2767
       Previous Daily Fibonacci 61.8%:  1.2793
       Previous Daily Pivot Point S1:  1.2694
       Previous Daily Pivot Point S2:  1.2654
       Previous Daily Pivot Point S3:  1.2584
       Previous Daily Pivot Point R1:  1.2805
       Previous Daily Pivot Point R2:  1.2875
       Previous Daily Pivot Point R3:  1.2915