As far as I understand (this is only what I have learned from studying OCR A2 physics, and a little outside reading, I'm not very clued up):
Centripetal does not affect velocity, so if velocity of an orbit changes, the radius of its orbit must change.
Centripetal F = gravitational F for an orbit in uniform circular motion.
Hence GMm/r^2 = mv^2/r
And rearranging, v^2=GM/r.
From the first point, I understand that if an orbital changes its velocity it will slip into another orbit as radius must change (F=mv^2/r), but I think I'm not understanding something somewhere along the line because when you take into account the factors of F to get v^2=GM/r, is seems that r is inversely proportional to v^2 and so a small velocity means a larger radius, but instinct tells me that if an orbital were to slow down it would go into a lower orbit?