GBP/USD technical analysis: Any corrective bounce might still be seen as a selling opportunity

• After the previous session's modest pullback, the GBP/USD pair regained some positive traction on Thursday and spiked to fresh session tops - around the 1.2180-85 region - in the last hour.
• Move beyond 200-hour SMA was seen as a key trigger behind the latest leg of a sudden spike, albeit bulls lacked any strong follow-through and the pair quickly retreated few pips thereafter.

With technical indicators gaining some positive momentum on hourly charts, a follow-through buying has the potential to lift the pair towards reclaiming the 1.2200 handle. The momentum could further get extended beyond weekly tops, towards testing another resistance near the 1.2225-30 region.
 
The latter marks the top end of a short-term ascending trend-channel formation on the 1-hourly chart and should keep a lid on any further appreciating move amid persistent uncertainty surrounding Britain's exit from the European Union by the new extended deadline on Oct. 31.
 
Meanwhile, oscillators on the daily chart are yet to recover from the bearish territory and warrant caution for bullish traders. This coupled with the fact that the pair has struggled to register any meaningful recovery points to the emergence of fresh selling at higher levels.
 
Hence, any attempted recovery might still be seen as a selling opportunity and a sustained break below the 1.2100 handle will confirm a fresh bearish breakdown, paving the way for an extension of the pair’s recent downward trajectory towards challenging the key 1.2000 psychological mark.

GBP/USD 1-hourly chart