• Extends last week’s rejection slide from 61.8% Fibonacci retracement level of the 1.3447-1.3102 downfall and was further weighed down by resurgent US Dollar demand.
• Today’s sharp fall could further be attributed to some fresh technical selling below the 1.3200 handle, support marked by a short-term descending trend-channel formation on the 1-hourly chart.
• Finds some support near 1.3150 static level amid oversold conditions on the said chart, albeit now seems vulnerable to extend the downfall back towards challenging the 1.3100 round figure mark.
GBP/USD 1-hourly chart
Current Price: 1.3158
Daily High: 1.3234
Daily Low: 1.3150
R1: 1.3195 (descending trend-channel support break-point)
R2: 1.3234 (current day swing high)
R3: 1.3280 (Monday’s daily closing level)
S1: 1.3130 (horizontal level)
S2: 1.3102 (YTD lows set on June 21)
S3: 1.3062 (Nov. 2017 swing low)