GBP/USD Price Analysis: Bulls challenge 2-week old descending trend-channel resistance

The GBP/USD pair held on to upbeat UK jobs data-led intraday gains and is currently placed near a resistance marked by the top end of over two-week-old descending trend-channel.

This is closely followed by a resistance marked by 200-period SMA on the 4-hourly chart, around the 1.3100 round-figure mark, which if cleared might be seen as a key trigger for bullish traders.

Meanwhile, technical indicators on the mentioned chart have been gaining positive traction and also moved away from the negative territory, supporting prospects for further appreciating move.

However, oscillators on the 1-hourly chart are already flashing slightly overbought conditions and thus, warrant some caution for aggressive bullish traders amid increasing odds of a BoE rate cut.

Having said that, the pair is likely to aim towards testing its next resistance near the 1.3165-70 region ahead of the 1.3200 round-figure mark on a sustained move beyond the mentioned barriers.

On the flip side, the 1.3035 region now seems to protect the immediate downside, which if broken might turn the pair vulnerable to slide further towards the key 1.30 psychological mark.

GBP/USD 4-hourly chart