GBP/USD Price Analysis: Bears attack key support with eyes on 1.1933, BOE

• GBP/USD remains pressured inside a short-term ascending triangle bearish formation.
• Impending bear-cross on the MACD also keeps sellers hopeful.
• Key HMAs guard upside momentum, yearly low on bear’s radar.

GBP/USD takes offers to refresh intraday low around 1.2125 heading into the Thursday’s London open.

In doing so, the cable pair sellers attack the support line of a three-day-old ascending triangle bearish chart pattern.

Also keeping the GBP/USD bears hopeful is the pair’s inability to cross the 100-HMA, as well as the bear cross between the MACD line and the Signal line.

That said, the quote’s clear break of the 1.2120 support could re-direct it towards the yearly low of 1.1933, marked on Tuesday.

However, 1.2040 and the 1.2000 psychological magnet may offer intermediate halts during the anticipated downturn.

Meanwhile, recovery moves may initially fade around the 100-HMA level of 1.2180, a break of which could challenge the aforementioned bearish triangle formation by poking the horizontal resistance line around 1.2210.

In a case where the GBP/USD prices rally beyond 1.2210, the 200-HMA level near 1.2355 might lure the pair buyers. Though, the 50% Fibonacci retracement of the June 07-14 downturn, near 1.2270, as well as the 1.2300 round figure, may act as buffers.

GBP/USD: Hourly chart

Trend: Further weakness expected