GBP/USD Technical Analysis: Hits fresh 2-week lows, bears eyeing descending channel support ahead of NFP

   •  The pair retreated further from near eight-month tops and remained on the defensive for the seventh consecutive session, falling to two-week lows around mid-1.3000s in the last hour.

   •  The corrective slide has been along a well-established descending trend-channel formation on the 1-hourly chart amid persistent uncertainty over Britain’s exit from the European Union.

   •  The fact that the pair remains well below its important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for an extension of the ongoing downward trajectory.

   •  However, oscillators on the daily chart have already lost positive momentum but have moved on the verge of falling into oversold zone on hourly charts, warranting caution for bearish traders.

   •  Hence, any subsequent slide seems more likely to find decent support near the 1.30 confluence region, comprising of 200-day SMA and 38.2% Fibo. level of the 1.2396-1.3350 recent upsurge.

GBP/USD 1-hourly chart