GBPUSD is trading around the vicinity of 1.2462, that being the 50.0% Fibonacci retracement of the down leg from 1.3514 to 1.1410 and where the mid-Bollinger band currently lies. The pair failed on a second attempt to breach the overpowering flattened 200-day simple moving average (SMA), which has imprisoned the price for nearly a month between 1.2165 and 1.2646.
Looking to the short-term oscillators, the MACD and the RSI promote slight improvements around their neutral marks, despite diminished directional momentum. Yet, the declining 50- and 100-day SMAs maintain a bearish tone as do the falling stochastic lines.
Should buyers drive above the 50.0% Fibo of 1.2462, they could encounter initial strengthened resistance from the upper Bollinger band at 1.2600 and the fixed 200-day SMA at the 1.2646 high. A step above may meet further constrictions from the 61.8% Fibo of 1.2710 coupled with the 100-day SMA. Overcoming these borders, the price may shoot for the 76.4% Fibo of 1.3018 ahead of the 1.3200 peak.
Otherwise, if sellers take control, initial support could come from the 50-day SMA at 1.2378 ahead of the lower Bollinger band at 1.2290 and the low of 1.2246 underneath. Diving further, immediate limitations may arise from the nearby 38.2% Fibo of 1.2216 and the 1.2165 key trough beneath, from April 7. If the bears persist, the attention could then move towards the 1.1972 support and the 23.6% Fibo of 1.1906.
All in all, the very short-term timeframe sustains a neutral-to-bullish mode for now. However, a break below or above the bounds of 1.2165 or 1.2646 could reveal the next direction.
