GBP/USD technical analysis: 8-day-old falling trendline, 1.2348/50 cap immediate rise

• GBP/USD stays below short-term key resistances.
• Tuesday’s low holds the gate for further declines to 1.2100 mark.

With its failure to rise beyond near-term key resistances, GBP/USD declines to an intra-day low of 1.2273 ahead of the UK open on Wednesday.

The pair now aims to revisit 1.2240 before declining to Tuesday’s bottom nearing 1.2200, a break of which opens the door for its extended south-run to multiple supports surrounding 1.2100 mark.

Alternatively, a falling trend-line since September 20, at 1.2325 and a confluence of 200-hour exponential moving average (EMA) and 23.6% Fibonacci retracement of its last eight day’s declines, around 1.2348/50, could keep the pair’s upside limited.

In a case prices manage to cross 1.2350 north-side barrier, 1.2380 and 1.2415 could quickly appear on the chart.

GBP/USD hourly chart

Trend: bearish