GBP/USD Technical Analysis: Slides farther below 1.30 handle to test a confluence support

The pair faded an early European session bullish spike to mid-1.3000s and quickly retreated to a confluence support, comprising of 100-hour SMA and a short-term ascending trend-line.

   •  Reports of a potential leadership challenge to UK PM Theresa May weighed on sentiment and turned out to be one of the key factors behind a broadly weaker British Pound. 

   •  Technical indicators on the 1-hourly chart have also started losing positive momentum and thus, increase prospects for a bearish breakdown, opening rook for an additional intraday slide. 

GBP/USD 1-hourly chart

Spot Rate: 1.2991
Daily Low: 1.2980
Daily High: 1.3048
Trend: Bearish only below the trend-line support

Resistance
R1: 1.3030 (horizontal zone)
R2: 1.3087 (overnight swing high)
R3: 1.3100 (round figure mark)

Support
S1: 1.2969 (S1 daily pivot-point)
S2: 1.2936 (200-period SMA H1)
S3: 1.2896 (Sept. 6 swing low)

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