GBP/USD Technical Analysis: Post-UK jobs data rejection slide stalls near a confluence support

   •  The pair faded a knee-jerk bullish spike, led by an unexpected fall in the UK unemployment rate, and quickly retreated over 60-pips from session tops. 

   •  The downslide stalled near a confluence region, comprising of 50-hour SMA and a short-term ascending trend-line on the 1-hourly chart.

   •  Positive technical indicators on the said chart, coupled with a near-term breakout above a rectangular chart pattern support prospects for a near-term short-covering bounce. 

   •  Weakness below the mentioned confluence support might negate the positive outlook and turn the pair vulnerable to head back towards retesting YTD lows.

GBP/USD 1-hourly chart

Spot Rate: 1.2778
Daily High: 1.2828
Daily Low: 1.2749
Trend: Bullish

Resistance
R1: 1.2828 (current day swing high)
R2: 1.2859 (R3 daily pivot-point)
R3: 1.2900 (round figure mark)

Support
S1: 1.2763 (50-period SMA H1)
S2: 1.2723 (13-month low set last Friday)
S3: 1.2701 (S2 daily pivot-point)