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The near-term chart better depicts the price action in the pair on the week:
GBP/USD hourly chart
While the dollar has retreated a little, it hasn’t amounted to much in GBP/USD as of yet.
The jump after the UK inflation data yesterday stalled upon testing the 100-hour moving average (red line). But buyers have now managed to push past that key near-term level at least. However, they are being resisted by yesterday’s high closer to 1.2482 for now at least.
In any case, the near-term bias has shifted to being more neutral as price action sits in between the 100 and 200-hour (blue line) moving averages. But buyers are also facing minor resistance and offers closer to 1.2500 for now.
To put things more simply, the slight bounce yesterday and today hasn’t really meant much in technical terms. It would require more to really convince of a turnaround in the selling from last week.
