GBP/USD Technical Analysis: Intraday decline finds some support near 50% Fibo. level

   •  The pair struggled to build on its early momentum to over one-week tops, levels just above 100-day SMA and has now eroded a major part of Friday's strong gains.

   •  The corrective slide dragged the pair below an important confluence support, comprising of 200-hour SMA and 38.2% Fibonacci retracement level of the 1.2922-1.3133 two-day up-move.

   •  The selling pressure seems to have abated near 50% Fibo. level support, albeit bearish technical indicators on the 1-hourly chart point to an extension of the intraday slide. 

   •  A convincing break through the mentioned support, leading to a subsequent weakness below the 100-hour SMA might turn the pair vulnerable and negate prospects for any further appreciating move.

GBP/USD 1-hourly chart