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  • GBP/USD attracts some dip-buying interest and jumped to session tops.
  • The set-up seems tilted in favour of bulls, albeit warrants some caution.

The GBP/USD pair quickly reversed a mid-European session dip to the 1.2280 region and refreshed session tops, around the 1.2355-60 region in the last hour.

Currently hovering around the 1.2335 region, traders are likely to wait for a sustained strength above 100-hour SMA before placing fresh bullish bets.

Meanwhile, technical indicators on hourly charts maintained their bullish bias and support prospects for a further near-term appreciating move for the pair.

However, oscillators on the daily chart – though have recovered from the negative territory – are yet to gain any meaningful traction and warrant some caution.

Hence, any subsequent positive move is likely to confront some fresh supply near the 1.2365-70 region, above which the pair is likely to aim towards the 1.2400 mark.

On the flip side, the 1.2300 mark now seems to protect the immediate downside, which if broken might negate the positive outlook and prompt some technical selling.

GBP/USD 1-hourly chart

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Technical levels to watch