GBP/USD technical analysis: Latest pullback falls short of defeating the bears

• GBP/USD stays below multiple key resistances despite recovering from a two-week low.
• The four-day-long falling trend-line could trigger another bounce.

Although oversold conditions of 14-bar relative strength index (RSI) triggered the GBP/USD pair’s recent pullback from a two-week low, prices are yet under pressure while flashing 1.2335 prior to the UK open on Friday.

Not only a falling trend-line from late-Wednesday, at 1.2355, but 50-hour moving average (HMA) level of 1.2365 also limits the pair’s immediate upside.

In addition to that, 61.8% Fibonacci retracement level near 1.2400 and a week-old descending trend-line at 1.2430 could also question buyers past-1.2365.

Meanwhile, pair’s declines can revisit 1.2300 and 1.2290 consecutive rest points whereas short-term falling support-line at 1.2270 may trigger pair’s another U-turn.

GBP/USD hourly chart

Trend: bearish