GBP/USD Technical Analysis: Hits fresh 1-week low, but finds some support near descending channel

   •  The pair extended its retracement slide from multi-month tops and remained under some heavy selling pressure for the fourth consecutive session on Tuesday.

   •  The corrective slide has been along a descending trend-channel formation on the 1-hourly chart and every attempted recovery remained capped at 50-hour SMA.

   •  The intraday fall has now dragged the pair to the trend-channel support, also coinciding with 23.6% Fibonacci retracement level of the 1.2396-1.3350 recent upsurge.

   •  Technical indicators on hourly charts have been gaining negative momentum and losing positive traction on the daily chart, though managed to hold in the bullish territory.

   •  Hence, it would be prudent to wait for a convincing break through the mentioned confluence support, and the 1.3100 handle before positioning for any further near-term downfall. 

GBP/USD 1-hourly chart