GBP/USD Technical analysis: Break below 50-hour SMA paves the way for further intraday slide

   •  The pair struggled to sustain/build on its positive momentum further beyond 50-day SMA and faced rejection near the 1.2800 handle, coinciding with 50% Fibo. level of the early Nov. to early Jan. downfall.

   •  The pair has now slipped below 50-hour SMA, also marking the lower end of a trading range held over the past 24-hour or so, and thus, remains poised extend the intraday weakness amid a modest USD uptick. 

GBP/USD daily chart

   •  Meanwhile, technical indicators on the 1-hourly chart have already started gaining bearish traction and add credence to the negative outlook, though bullish oscillators on 4-hourly/daily chart should limit downside. 

1-hourly chart

   •  The set-up clearly points to indecision over the pair's next leg of a directional move ahead of the UK parliament debate on the PM May's Brexit deal, scheduled to resume on Wednesday, and a meaningful vote.