GBP/USD Price Analysis: Fades bounce off two-year low below 1.1900

• GBP/USD remains pressured around the lowest levels since March 2020.
• Three-week-old bearish channel joins downbeat RSI to keep sellers hopeful.
• Key SMAs add to the upside filters, two-month-old support line challenges bears.

GBP/USD retreats towards 1.1850 as it failed to extend the corrective pullback from the 28-month low beyond 1.1916. That said, the cable pair prints mild losses around 1.1880 during Wednesday’s Asian session.

In doing so, the quote stays inside a three-week-old bearish channel formation amid downbeat RSI conditions.

That said, the quote’s latest weakness eyes the recently flashed multi-month low near 1.1810.

Following that, the 1.1800 threshold and the lower line of the stated channel, around 1.1740 by the press time, could lure the GBP/USD bears.

It should be noted, however, that a downward sloping support line from May 12, near 1.1730 could test the pair’s weakness past 1.1740.

On the flip side, recovery remains elusive until the quote remains inside the stated channel. That said, the 50-SMA level of 1.1990 acts as an extra filter to the north, other than the stated channel’s resistance line near 1.1960.

Even so, the GBP/USD buyers could remain worried unless witnessing a clear upside break of the 200-SMA level surrounding 1.2260.

GBP/USD: Four-hour chart

Trend: Further weakness expected