GBP/USD Technical Analysis: Extends last week’s rejection slide, breaks below 200-hour SMA

   •  The pair remained under some selling pressure for the second straight session on Monday and was seen extending last week's rejection slide from the key 1.3000 psychological mark. 

   •  The mentioned handle coincides with a four-month-old descending trend-line, which has been acting as a key hurdle and capped attempted bullish move on several occasions.

GBP/USD daily chart

   •  The intraday downtick has now dragged the pair below 200-hour SMA, though slightly oversold conditions on the 1-hourly chart might help limit further downside, at least for now.

1-hourly chart

   •  Meanwhile, oscillators on the 4-hourly chart have been gaining negative momentum but maintained their bullish stance on the daily chart, further warranting some caution.

   •  The set-up suggests some dip-buying at lower levels and hence, it would be prudent to wait for a sustained break below the 1.2800 handle before positioning for any further downside.