GBPUSD Price Analysis: Treads water inside weekly bullish trend channel above 1.1500

• GBPUSD struggles to defend the four-day uptrend inside a bullish formation.
• Sustained break of fortnight-old resistance line keeps buyers hopeful.
• Steady RSI also underpins bullish bias, 200-HMA adds to the downside filters.

GBPUSD seesaws around mid-1.1500s, taking offers to 1.1535 during the early Wednesday morning in Europe. In doing so, the Cable pair struggles inside a four-day-old bullish channel.

However, the quote’s sustained break of the previous resistance line from October 26, as well as beyond the 200-HMA, keeps the buyers hopeful. Also favoring the upside bias is the firmer RSI (14), not overbought.

That said, the quote’s latest weakness may aim for the resistance-turned-support line of 1.1520 before challenging the bullish channel’s trough surrounding 1.1500.

Following that, the 200-HMA level near 1.1450 could act as the last defense of the GBPUSD buyers before giving control to the bears targeting the monthly low of 1.1147.

It should be noted that the GBPUSD weakness past 1.1147 won’t hesitate to challenge the previous monthly low of 1.0923.

On the flip side, October’s peak near 1.1645 guards the quote’s immediate recovery moves before the upper line of the stated channel, close to 1.1655 at the latest.

In a case where the GBPUSD price rallies beyond 1.1655, the buyers can challenge September’s peak near 1.1740.

GBPUSD: Hourly chart

Trend: Further upside expected