GBP/USD Price Analysis: Bulls struggled to find acceptance above 100-hour EMA, back below 1.2300

• GBP/USD failed to capitalize on the intraday positive move beyond 100-hour EMA.
• The set-up warrants some caution before placing any aggressive directional bets.

The GBP/USD pair struggled to find acceptance above 100-hour EMA and has now retreated around 30-35 pips from daily swing highs, near the 1.2325 region.

This comes on the back of Friday's bearish break through the lower end of a one-week-old trading range and points to the emergence of some fresh selling pressure.

Meanwhile, mixed technical indicators on hourly/daily charts haven’t been supportive of a firm near-term direction and warrant some caution for aggressive traders.

Given that the pair has been attracting some dip-buying ahead of the 1.2200 mark, bearish bears are likely to wait for a convincing break below the mentioned handle.

Below the mentioned handle, the pair might turn vulnerable and seems more likely to accelerate the slide further towards testing sub-1.2100 levels in the near-term.

On the other hand, a sustained strength above the 1.2350-60 region might be seen as a key trigger for bullish traders and prompt some short-covering move.

The pair then might aim towards reclaiming the 1.2400 round-figure mark before eventually darting towards its next major hurdle near the 1.2475-80 supply zone.

GBP/USD 1-hourly chart

Technical levels to watch