GBP/USD Technical Analysis: Slides back closer to test an ascending trend-line support

   •  The pair struggled to build on its early positive momentum and dropped to session lows in the last hour, closer to over three-week lows touched overnight.

   •  This is followed by an important ascending trend-line support, extending from YTD lows set in mid-August through September monthly lows.

   •  Technical indicators on the daily chart have started losing positive momentum and the pair's inability to build on the corrective bounce points to persistent selling bias.

   •  A convincing break through the mentioned trend-line support will reinforce the negative set-up and turn the pair vulnerable to resume with its prior depreciating move.
 

GBP/USD daily chart

Spot Rate: 1.2973
Daily High: 1.3017
Trend: Bearish below trend-line support

Resistance
R1: 1.3017 (current day swing high)
R2: 1.3039 (100-period SMA)
R3: 1.3077 (horizontal zone)

Support
S1: 1.2941 (3-week low set yesterday)
S2: 1.2929 (S1 daily pivot-point)
S3: 1.2900 (round figure mark)