GBP/USD Price Analysis: Bounces off 50-HMA within weekly trading range

• GBP/USD rebounds from intraday low, stays indecisive after reversing from one-month high the previous day.
• One-week-old ascending trend line, weekly range’s lower band strengthens 1.2140-35 support confluence.
• Bulls need validation from 1.2205 to probe mid-February highs.

GBP/USD reverses from the intraday low surrounding 1.2145 amid the initial hour of Wednesday’s London open. The Cable pair, however, stays within a week-long trading range between 1.2135 and 1.2205.

The quote’s latest rebound could be linked to its U-turn from the 50-Hour Moving Average (HMA), around 1.2150 by the press time. However, the sluggish MACD signals suggest the continuation of the grind inside the aforementioned 70-pip range established since Monday.

That said, an upward-sloping trend line from the last Wednesday adds strength to the 1.2135 support.

It should be noted that the 100-HMA and the 200-HMA, respectively near 1.2060 and 1.2000 in that order, act as additional downside filters before giving control to the GBP/USD bears.

Alternatively, a successful break of 1.2205 enables the Cable pair buyers to challenge the mid-February high surrounding 1.2270.

In a case where the GBP/USD price remains firmer past 1.2270, the 1.2300 can act as an intermediate halt before highlighting the 1.2445-50 key horizontal hurdle that restricted the pair’s upside during late 2022 and early 2023.

Overall GBP/USD remains on the bull’s radar despite the previous day’s pullback from a one-month high.

GBP/USD: Hourly chart

Trend: Limited downside expected