GBP/USD Price Analysis: Retreats from 21-HMA inside weekly falling wedge

• GBP/USD struggles to defend the bounce off monthly low inside bullish chart formation.
• Bullish MACD signals, immediate support line keep buyers hopeful.
• 100-HMA adds to the upside filters before giving control to bulls.

GBP/USD steps back from intraday high of 1.2058 heading into Friday’s London open. In doing so, the Cable pair fails to defend the first daily gains in three inside a one-week-old bullish chart formation, namely falling wedge.

That said, the quote’s pullback could also be linked to a retreat from the 21-HMA, around 1.2045 by the press time. It’s worth noting that the weakness in prices also takes clues from the RSI’s lower-high formation.