GBP/USD Technical Analysis: Bears targeting trend-channel support after weaker UK retail sales

   •  The selling pressure remains unabated after today's disappointing UK monthly retail sales data, with bears dragging the pair to fresh ten-month lows.

   •  Weakness below the key 1.30 psychological mark, for the first time since Sept. 2017, points to an extension of the bearish trajectory.

   •  With technical indicators drifting into oversold territory, the downfall could take a brief pause near a short-term descending trend-channel support. 

GBP/USD 4-hourly chart

Spot rate: 
Daily High: 1.3083
Trend: Bearish

Resistance
R1: 1.3020 (horizontal zone)
R2: 1.3083 (current day swing high)
R3: 1.3100 (round figure mark)

Support
S1: 1.2960 (descending trend-channel support)
S2: 1.2935 (horizontal level)
S3: 1.2902 (S3 daily pivot-point)