GBP/USD Technical Analysis: 100-hour SMA to limit any subsequent fall below 23.6% Fibo. level

   •  Having failed to make it through a four-month-old descending trend-line hurdle, the pair witnessed some profit-taking and the downfall accelerated after dismal UK retail sales data.

GBP/USD daily chart

   •  The intraday corrective slide seems to have found some support ahead of 23.6% Fibonacci retracement level of this week’s 1.2668 to 1.3000 strong upsurge amid a subdued USD action.

   •  Technical indicators on the 1-hourly chart have slipped below the mid-point but continue to hold in the bullish territory on 4-hourly/daily chart, suggesting some dip-buying interest.

1-hourly chart

   •  Hence, any subsequent fall below the mentioned support near the 1.2925 area might be seen as a buying opportunity and is more likely to be limited by 100-hour SMA support.