GBP/USD Price Analysis: Dribbles around 1.2500 as bears hold reins

• GBP/USD remains sidelined, stays pressured despite the previous day’s corrective pullback.
• Clear break of ascending triangle, sustained trading below 200-HMA keeps sellers hopeful.
• Fortnight-old falling trend line offers immediate support ahead of the multi-month low marked last week.

GBP/USD aptly portrays the pre-Fed trading lull while taking rounds to 1.2500 during Wednesday’s Asian session.

The cable pair printed mild gains the previous day as a pullback from 1.2567 reversed the early Tuesday’s upbeat performance. In doing so, the quote broke an ascending triangle to the south and favored bears ahead of the key day.

Bearish MACD signals and the GBP/USD pair’s sustained trading below 200-HMA also keep the sellers hopeful.

That said, the previous resistance line from April 21, around 1.2460 by the press time, offers immediate support to the pair ahead of the latest multi-month low near 1.2410.

It’s worth noting that the GBP/USD weakness past 1.2410 will be tested by the 1.2400 threshold before directing bears towards the June 2020 bottom of 1.2251.

Alternatively, the aforementioned one-week-old triangle’s upper line, around 1.2600-2610, will restrict the quote’s short-term rebound ahead of the 200-HMA level surrounding 1.2635.

Even if the GBP/USD crosses the 200-HMA hurdle, the buyers remain cautious until witnessing a clear upside past the 1.2975-80 region comprising mid-April lows.

GBP/USD: Hourly chart

Trend: Bearish