GBP/USD Technical Analysis: Hits fresh 1-week low, but finds some support near descending channel


   •  The pair extended its retracement slide from multi-month tops and remained under some heavy selling pressure for the fourth consecutive session on Tuesday.    •  The corrective slide has been along a descending trend-channel formation on the 1-hourly chart and every attempted recovery remained capped at 50-hour SMA.    •  The intraday fall has now dragged the pair to the trend-channel support, also coinciding with 23.6% Fibonacci retracement level of the 1.2396-1.3350 recent upsurge.    •  Technical indicators on hourly charts have been gaining negative momentum and losing positive traction on the daily chart, though managed to hold in the bullish territory.    •  Hence, it would be prudent to wait for a convincing break through the mentioned confluence support, and the 1.3100 handle before positioning for any further near-term downfall.  GBP/USD 1-hourly chart


    Today Last Price: 1.3121
    Today Daily change: -55 pips
    Today Daily change %: -0.42%
    Today Daily Open: 1.3176
    Daily SMA20: 1.3026
    Daily SMA50: 1.2936
    Daily SMA100: 1.2882
    Daily SMA200: 1.299
    Previous Daily High: 1.3269
    Previous Daily Low: 1.3166
    Previous Weekly High: 1.3351
    Previous Weekly Low: 1.3051
    Previous Monthly High: 1.3351
    Previous Monthly Low: 1.2773
    Daily Fibonacci 38.2%: 1.3205
    Daily Fibonacci 61.8%: 1.323
    Daily Pivot Point S1: 1.3139
    Daily Pivot Point S2: 1.3101
    Daily Pivot Point S3: 1.3035
    Daily Pivot Point R1: 1.3242
    Daily Pivot Point R2: 1.3307
    Daily Pivot Point R3: 1.3345


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