GBP/USD technical analysis: Sidelined between 1.2385/95, 61.8% FIbo.

• The GBP/USD pair’s latest bounce fails to clear key resistance-confluence.
• Break of immediate rising trend-line can disturb three-day-old recovery.

Despite its latest uptick to a week’s high, GBP/USD stays sidelined between the key technical indicators while taking rounds to 1.2340 ahead of the UK open on Friday.

The pair currently heads to range resistance, including nearly a month-long horizontal-line and 100-bar simple moving average (SMA), around 1.2385/95, a break of which could escalate the pullback moves to September 25 high nearing 1.2500 whereas the previous month top around 1.2585 could be bulls favorite then after.

Alternatively, pair’s declines below immediate rising trend-line, at 1.2300, can become a short-term bearish signal to gradually drag the prices towards 61.8% Fibonacci retracement level of September month advances, at 1.2200.

In a case where bears refrain from respecting 1.2200 support, 1.2080 and September month bottom surrounding 1.1960 will be on their radars.

GBP/USD 4-hour chart

Trend: sideways