GBP/USD technical analysis: Bounces off low, upside likely to remain capped near 1.2700 handle

• Disappointing UK macro data-led slide dragged the GBP/USD pair below an important confluence support - comprising of 100-hour SMA and over one-week-old ascending trend-line.
• The pair subsequent dropped below 38.2% Fibonacci retracement level of the 1.2559-1.2762 recent corrective bounce and 200-hour SMA, paving the way for a further near-term downfall.

The pair, however, showed some resilience below the 50% Fibonacci retracement level and recovered a bit. The uptick quickly ran out of the steam near the 38.2% Fibo. level, which should now act as a key pivotal point for intraday bullish traders. 

Meanwhile, technical indicators on the daily chart maintained their bearish bias and have also started gaining negative traction on the 4-hourly chart, pointing to a follow-through weakness amid persistent UK political and Brexit uncertainties.

Hence, any attempted recovery back towards the confluence support breakpoint - near the 1.2700-1.2710 region, might still be seen as a selling opportunity for an eventual slide towards 61.8% Fibo. level support near the 1.2635 region. 

GBP/USD 1-hourly chart