GBP/USD Technical Analysis: Fades a bullish spike but holds above an ascending trend-line support

The pair failed to capitalize on an early European session bullish spike to levels beyond the 1.3100 handle, or multi-day tops, and quickly retreated around 35-40 pips.

Despite the pair's inability to find acceptance above 200-hour EMA, bulls have managed to defend a three-day-old ascending trend-line and hold above mid-1.3000s.

Oscillators on the 1-hourly chart maintained their bullish bias but are yet to catch up with the recent positive move on hourly/daily charts, indicating some indecision.

Hence, traders are likely to wait for a convincing break through the mentioned range (trend-line support or 200-hour EMA resistance) before placing any fresh intraday bets.

GBP/USD 1-hourly chart