GBP/USD Technical Analysis: Fails ahead of 100-hour SMA, momentarily dips below 1.2800 handle

   •  The pair had been struggling to find acceptance above 38.2% Fibonacci retracement level of last week's sharp fall and failed ahead of 100-hour SMA, retreating sharply to sub-1.2800 level in the last hour.

   •  Technical indicators on the 1-hourly chart have turned neutral but are yet to recover from the bearish territory on 4-hourly/daily charts and thus, have failed to support any firm intraday directional bias.

   •  Hence, traders are likely to wait for a sustained move beyond the 1.2890-1.2900 confluence hurdle - comprising of 100-hour SMA and 50% Fibonacci retracement level, before positioning for any further recovery.

   •  Alternatively, a follow-through selling below the 1.2800 handle might negate prospects for any further recovery and turn the pair vulnerable to resume with its prior depreciating move.
 

GBP/USD 1-hourly chart