GBP/USD Price Analysis: Bulls in control near weekly tops, around 1.2000 mark

• GBP/USD managed to attract some dip-buying near 100-hour SMA.
• Oscillators on the daily chart warrant some caution for bullish traders.

The GBP/USD pair continued scaling higher through the early North-American session and jumped to levels beyond the key 1.20 psychological mark, or over one-week tops.

Given that the early dip was bought into near 100-hour SMA, a subsequent move beyond the 1.1940-50 supply zone was seen as a key trigger for intraday bullish traders.

The positive momentum was further fueled by the fact that oscillators on hourly charts have been gaining positive traction, which supports prospects for additional gains.

However, technical indicators on the daily chart are yet to catch up with the recent positive move and maintained their bearish bias, warranting some caution for bulls.

Hence, it will be prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move, possibly even beyond the 1.2100 mark.

On the flip side, immediate support is now pegged near the 1.1950-40 region, which if broken might drag the pair back towards the post-BoE lows, around the 1.1865 region.

This is followed by support near the 1.1800 mark, below which the pair might head back towards challenging 100-hour SMA, currently near the 1.1735 area.

GBP/USD 1-hourly chart

Technical levels to watch