GBP/USD Price Analysis: Weekly support, 100-HMA test bears above 1.2200

• GBP/USD remains pressured around short-term key technical supports.
• Steady RSI suggests further grinding towards the south.
• Nearby resistance line, 200-HMA challenge buyers before May’s high.

GBP/USD bears flirt with 1.2230 as multiple support catalysts challenge further downside during Monday’s Asian session.

That said, a one-week-old horizontal area and a weekly ascending trend line together constitute the immediate support around 1.2200.

Following that, the 100-HMA level of 1.2165 can challenge the GBP/USD bears before directing them to the monthly low of 1.1933. It’s worth noting, however, that the 1.2000 psychological magnet may also act as a short-term important support.

Given the steady RSI conditions, coupled with the pair’s latest rebound from the nearby supports, the quote may aim for a two-day-old resistance line near 1.2265.

However, any further upside needs validation from the 200-HMA level of 1.2300, as well as the latest peak of 1.2406, to convince the buyers.

Even if the GBP/USD prices manage to cross the 1.2406 hurdle, the previous monthly high around 1.2665 appears a tough nut to crack for the pair bulls.

Overall, GBP/USD prices remain bearish but a short-term corrective pullback can’t be ruled out.

GBP/USD: Hourly chart

Trend: Further downside expected