GBP/USD technical analysis: Trapped in a 100-pip range, 4H 200EMA immediate key resistance

• An area between 23.6% and 38.2% Fibonacci retracement of declines from early-May holds the GBP/USD pair tightly.
• 200-bar exponential moving average on 4-hour chart (4H 200EMA) limits immediate upside.

Failure to conquer 1.2765/1.2665 area currently limits the GBP/USD pair’s moves at 1.2680 while heading into the UK markets open on Thursday.

In addition to 1.2765, comprising 38.2% Fibonacci retracement level, 4H 200MA at 1.2730 acts as immediate resistance for the pair.

Also, successful break of 1.2765 brightens the odd for the quote’s rise to May 21 high near 1.2815 ahead of 50% Fibonacci retracement level of 1.2843.

If the sellers sneak in, 1.2610 and 1.2560 could quickly appear on the chart whereas the month’s low near 1.2506 might gain bears’ attention afterward.

It is worth noting that gradually declining 14-bar relative strength index (RSI) is in favor of the pair’s downside.

GBP/USD 4-hour chart

Trend: Sideways