“¢ The pair struggled to build on its early positive momentum and dropped to session lows in the last hour, closer to over three-week lows touched overnight.
“¢ This is followed by an important ascending trend-line support, extending from YTD lows set in mid-August through September monthly lows.
“¢ Technical indicators on the daily chart have started losing positive momentum and the pair’s inability to build on the corrective bounce points to persistent selling bias.
“¢ A convincing break through the mentioned trend-line support will reinforce the negative set-up and turn the pair vulnerable to resume with its prior depreciating move.
GBP/USD daily chart
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Spot Rate: 1.2973
Daily High: 1.3017
Trend: Bearish below trend-line support
Resistance
R1: 1.3017 (current day swing high)
R2: 1.3039 (100-period SMA)
R3: 1.3077 (horizontal zone)
Support
S1: 1.2941 (3-week low set yesterday)
S2: 1.2929 (S1 daily pivot-point)
S3: 1.2900 (round figure mark)
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