GBP/USD technical analysis: Immediate rising trend-line, channel-support keep bears in check

• Failure to rise above nearby resistance drags GBP/USD to short-term supports.
• Ascending trend-channel support, August start low becomes the key levels for bears.

Even if three-day-old descending trend-line caps the GBP/USD pair’s upside, the pair refrains from further declines as immediate support-lines question bears. The quote takes the rounds to 1.2135 while heading into the London open on Monday.

While adjacent rising support-line at 1.2130 acts as close support, prices may also take rest on lower-line of a short-term ascending trend-channel, at 1.2106, during further declines.

In a case bears keep dominating past-1.2106, latest low surrounding 1.2080 and 1.2000 could be on their radar.

On the upside, a downward sloping trend-line around 1.2173 will be followed by channel-resistance-line of 1.2193 and 1.2200 marks as near-term barriers to the north.

If prices rise past-1.2200, July 31 high of 1.2250 can please buyers.

GBP/USD 30-minute chart

Trend: Pullback expectef