GBP/USD Technical Analysis: Retreats from 4-month old descending trend-line hurdle

   •  The pair struggled to build on the overnight strong upsurge to two-month tops and started retreating from a four-month-old descending trend-line resistance.

   •  The mentioned trend-line has acted as a key hurdle and capped every attempted up-move beyond 100-day SMA on several occasions since late-September. 

GBP/USD daily chart

   •  Meanwhile, slightly overbought conditions on the 1-hourly chart seemed to be one of the key factors prompting traders to take some profits off the table. 

   •  However, bullish oscillators on 4-hourly/daily chart might now attract some dip buying interest near the 1.2930 horizontal resistance break-point turned support. 

1-hourly chart

   •  This is closely followed by the 1.2900 handle (100-DMA) and 100-hour SMA, around the 1.2880 region, which should act as key support in the near-term.

   •  Failure to defend the said support levels would reinforce the descending trend-line barrier and prompt some aggressive technical selling around the major.