GBP/USD Technical Analysis: Move beyond 1.2600 handle might still be seen as a selling opportunity

   •  The pair dropped a fresh 20-month low but once again managed to find decent support near 61.8% Fibonacci expansion level of Monday’s steep decline and subsequent early rebound in the previous session.

   •  The strong intraday recovery helped clear a descending trend-line on the 1-hourly chart and lifted the pair further beyond 23.6% Fibonacci retracement level of Monday’s sharp fall, closer to the 1.2600 handle.

   •  Technical indicators on the 1-hourly chart have been gaining positive traction and also recovering from the bearish territory on the 4-hourly chart though are yet to catch up with the momentum on the daily chart.

   •  Hence, any subsequent up-move beyond the 1.2600 handle would be seen as an opportunity to initiate some fresh bearish positions amid persistent Brexit uncertainties and the recent UK political developments.
 

GBP/USD 1-hourly chart