GBP/USD Price Analysis: Retreats towards 1.1800 but bears have a bumpy road ahead

• GBP/USD takes offers to renew intraday low, stays inside two-day-old symmetrical triangle.
• Clear upside break of one-week-old descending trend line keeps buyers hopeful, RSI conditions test upside bias.
• 200-HMA, fortnight-long resistance line challenge bulls, 1.1740 may act as additional downside filters.

GBP/USD renews intraday low around 1.1810 sellers try to excel ahead of the key data/events during early Friday morning in Europe. In doing so, the Cable pair remains inside a one-week-old triangle.

Given the descending RSI conditions, the quote is likely to decline further towards the stated triangle’s support line, near 1.1800.

However, the resistance-turned-support line from August 17, close to 1.1765, could act as the additional downside filter for the GBP/USD sellers.

It should be noted that the multiple supports around 1.1740 and the latest bottom around 1.1710, as well as the 1.1700 threshold, might as well as challenge the cable bears.

Alternatively, recovery moves need to cross the triangle’s resistance line, at 1.1860 by the press time, to convince GBP/USD buyers.

Even if the quote rises past 1.1860, the 200-HMA level surrounding 1.1900 could test the upside momentum.

Should the pair crosses the 1.1900 hurdle, a two-week-long resistance line near 1.1935 might become the last defense of bears.

GBP/USD: Hourly chart

Trend: Further weakness