GBP/USD Technical Analysis: Finds some support near 1.3100 confluence region

   •  The pair met with some fresh supply at the start of a new trading week and traded with a negative bias through the mid-European session, eroding a part of Friday's upsurge to one-month tops. 

   •  Slightly overbought conditions on hourly charts seemed to be the only factor prompting some long-unwinding trade amid the prevalent risk-off mood, triggered by renewed US-China trade tensions.

   •  The pair now seems to have found some support near the 1.3100 confluence region - comprising of 50-day SMA and 23.6% Fibonacci retracement level of the 1.2866-1.3177 recent positive move.

   •  With oscillators on the daily chart still holding in the bullish territory, any subsequent dips might still be seen as a buying opportunity and hence, limit the downside near the 1.3060-50 support.

GBP/USD 1-hourly chart