GBP/USD Technical Analysis: Confined in a narrow range between 50-hour SMA - 23.6% Fibo. level

   •  The pair extended its sideways consolidative price action and remained confined in a narrow trading band around 23.6% Fibonacci retracement level of the 1.2773-1.3109 recent upsurge.

   •  The fact that the pair is holding below 50-hour SMA for the first time since last Friday, bearish technical indicators on the 1-hourly chart support prospects for an extension of the corrective slide.

   •  However, bullish oscillators on 4-hourly/daily charts might help limit deeper losses and warrant some caution before positioning aggressively for any further near-term depreciating move. 

   •  Hence, traders are likely to wait for a sustained weakness below the key 1.30 psychological mark before confirming that the pair might have already topped out in the near-term.

   •  Below the mentioned handle, the pair is likely to accelerate the downfall towards 50% Fibo. level, albeit a move beyond 1.3100 handle might negate any near-term bearish expectations. 

GBP/USD 1-hourly chart