GBP/USD Price Analysis: Clings to 100-HMA above 1.2000 with eyes on UK PMI

• GBP/USD struggles for clear directions after tepid week-start, fails to extend Friday’s bounce off multi-day low.
• Sluggish oscillators, key HMAs challenge bulls ahead of 13-day-old resistance line.
• Bears need sustained trading below 1.1920-15 to retake control.

GBP/USD remains sidelined near 1.2040 during the early hours of Tuesday’s Asian session, extending Monday’s inaction. In doing so, the Cable pair seesaws around the 100-Hour Moving Average (HMA) amid the trader’s cautious mood ahead of the first readings of the UK Purchasing Managers Indexes (PMI) for February.

Not only the 100-HMA level surrounding 1.2040 but the 200-HMA level surrounding 1.

GBP/USD: Hourly chart

Trend: Further downside expected