GBP/USD Technical Analysis: Struggles near 2-week lows, bulls likely to defend 100-DMA support

   •  The pair struggled to preserve/build on the Asian session attempted recovery move and has now drifted into negative territory for the fifth consecutive session.

   •  Given the overnight breakthrough a short-term descending trend-channel, and a subsequent fall to two-week lows, the pair remains vulnerable to extend the bearish slide.

GBP/USD 1-hourly chart

   •  Technical indicators on the daily chart have started losing positive momentum and reinforce the bearish outlook, though oversold oscillation on hourly charts warrants some caution.

   •  Hence, any follow-through weakness seems more likely to find decent support, rather prompt some short-covering trade near 100-day SMA, around the 1.2900 handle. 

Daily chart