• GBP/USD holds lower ground inside a one-week-old bearish channel.
• MACD tease bulls but 1.1510 is the key hurdle.
• Key Fibonacci retracements could act as an extra filter to the south.

GBP/USD reverses the early-day recovery as it retreats to 1.1390 heading into Thursday’s London open.

The Cable pair’s latest weakness could also be linked to the RSI pullback. However, the MACD conditions tease buyers of late.

That said, a lower line of the one-week-old bearish channel, around 1.1375, restricts the immediate downside of the GBP/USD.

It’s worth noting that the 50% and the 61.8% Fibonacci retracement of October 21-27 could restrict the GBP/USD pair’s further downside around 1.1355 and 1.1280 in that order.

Alternatively, the 38.2% Fibonacci retracement and the 200-HMA, respectively around 1.1425 and 1.1485, challenge the short-term GBP/USD rebound inside the stated channel.

Following that, a convergence of the 100-HMA and the bullish formation’s upper line, at 1.1510, appears a tough nut to crack for the pair buyers.

Should the GBP/USD quote remains firmer past 1.1510, the odds favoring its run-up towards September’s peak of 1.1738 can’t be ruled out.

To sum up, GBP/USD remains on the back foot but the downside room appears limited.

It should also be observed that the pair’s clear rally beyond 1.1510 could give control to the bulls.

GBP/USD: Hourly chart

Trend: Limited downside expected