GBP/USD Price Analysis: Jumps back above 1.2400 mark, closer to session tops

• GBP/USD stalls its intraday corrective slide and finds decent support near 50% Fibo. level.
• The near-term technical bias seems tilted in favour of bulls, albeit warrants some caution.

The GBP/USD pair has managed to recover over 100-pips from daily swing lows and has now moved back closer to the top end of its daily trading range, around the 1.2430 region.

The intraday slide found a decent support near 50% Fibonacci level of the 1.3200-1.1412 recent slump, suggesting that the near-term bias remains tilted in favour of bullish traders.

The mentioned region coincides with 100-period SMA on the 4-hourly chart, which should now act as a key pivotal point for traders and help determine the pair's near-term trajectory.

Meanwhile, technical indicators on hourly charts have been gaining traction and reinforce the positive outlook, albeit neutral oscillators on the daily chart warrant some caution.

Hence, it will be prudent to wait for a sustained strength beyond 61.8% Fibo. level, around the key 1.2500 psychological mark before positioning for any further appreciating move.

Above the mentioned handle, the pair is likely to aim towards surpassing the 1.2600 mark and the 1.2625 intermediate resistance before eventually aiming to reclaim the 1.2700 level.

On the flip side, the 1.2315-10 region (50% Fibo. level) might continue to act as immediate support, which if broken might negate the bullish bias and prompt some technical selling.

GBP/USD 4-hourly chart

Technical levels to watch