GBP/USD Price Analysis: Further recovery sees a bumpy road to 1.2600

• GBP/USD refreshes intraday high while extending the bounce off two-year low.
• Clear break of three-day-old trend line, 50-HMA favor buyers.
• 100-HMA, multiple hurdles established since Tuesday test recovery.

GBP/USD takes the bids to renew intraday high around 1.2530 as British traders await Friday’s bell in London.

In doing so, the cable pair buyers stretch the previous day’s U-turn from the lowest levels since June 2020.

The rebound also gains support from the bullish MACD signals, as well as the quote’s ability to cross the nearby previous resistance line and the 50-HMA.

As a result, GBP/USD buyers currently approach a downward sloping trend line from Wednesday, near 1.2535 at the latest.

However, a convergence of the 100-HMA and a three-day-old horizontal area, near 1.2600, appears tough nut to crack for the pair bull.

Meanwhile, the resistance-turned-support and an ascending trend line connecting the latest lows offer strong short-term support to the pair around 1.2485-80.

Following that, a downward trajectory towards the latest low of 1.2411 and the 1.2400 threshold can’t be ruled out.

GBP/USD: Hourly chart

Trend: Bearish