GBP/USD Forecast: Rejected at descending trend line

Pair’s retreat from the descending trend line hurdle of 1.3057 earlier today suggests the technical recovery from the low of 1.2916 may have run out of steam and given the short-term moving averages – 5-DMA and 10-DMA are still sloping downwards, the prices could revisit 1.2970 area before making another attempt at the descending trend line.

Sellers are seen coming-in once the support at 1.2916 is breached. On the higher side, day end close above 1.3057 would open doors for 1.3120-1.3150 levels.