GBP/USD technical analysis: 50-HMA limits immediate upside

• GBP/USD falls short of carrying the previous pullback forward as key short-term MAs limit the upside.
• Bears await a break of 1.2100 to revisit 2017 low.

Despite repeated failures to slip beneath 1.2100, GBP/USD remains under 50-hour moving average (HMA) as it makes the rounds to 1.2156 during early Thursday.

While sustained trading below the key short-term moving average (MA) portrays the pair’s weakness, 1.2135 and latest low surrounding 1.2120 can offer intermediate halts prior to flashing 1.2100 on the chart.

In a case bears dominate past-1.2100, the year 2017 low of 1.1987 could be on their radar.

Alternatively, the pair’s break of 1.2171 HMA figure can trigger its recovery to 23.6% Fibonacci retracement level of .12224 whereas 1.2250 and 100-HMA level of 1.2268 can please buyers then after.

GBP/USD hourly chart

Trend: Bearish