GBP/USD Price Analysis: Sidelined near 1.3370, bulls need progress soon

GBP/USD is trading largely unchanged on the day near 1.3370 during Thursday's Asian trading hours, with signs of buyer exhaustion on technical charts.

The long upper wicks attached to the previous two 4-hour candles indicate bull failure or fatigue in the 1.3370-neighborhood. In other words, the bounce from the Dec. 2 low of 1.3288 is running out of steam. 

As such, the bulls need quick progress above 1.34; else, the pair risks falling to its 50-day Simple Moving Average (SMA) support at 1.3353. A violation there would expose the 100-day SMA located at 1.3288. 

4-hour chart

Trend: Bull fatigue

Technical levels