GBP/USD spikes to fresh session tops, but remains capped at 1.36 mark

   •  The USD corrective slide remains unabated amid retracing US bond yields. 
   •  Bulls, however, seemed non-committed ahead of this week’s UK macro data.

The GBP/USD pair quickly reversed an early European session dip to 1.3540 area and rallied over 50-pips, albeit remained capped below the 1.3600 handle.

The ongoing US Dollar corrective slide helped the pair to catch some bids at the start of a new trading week and recover further from last week's 4-month lows. The up-move, however, lacked any strong follow-through and the pair held within its recent familiar trading range, around the very important 200-day SMA.

The latest dovish BoE tilt was seen as one of the key factors keeping a lid on any meaningful up-move for the British Pound. Moreover, investors also seemed reluctant to place aggressive bets ahead of this week's UK employment details, especially the all-important wage growth data, and BoE's inflation report hearings, both scheduled on Tuesday and which might provide some fresh directional impetus. 

Even from a technical perspective, the formation of a 'Doji' candle on the weekly charts suggests indecision between bulls and bears. Hence, it would be prudent to wait for a decisive break in either direction before positioning for the pair's near-term trajectory. 

Technical levels to watch

The 1.3600-10 region might continue to act as an immediate hurdle, above which the pair is likely to spike back towards 1.3650 intermediate resistance en-route the 1.3700 handle. On the flip side, the 1.3545 region (200-DMA) now seems to protect the immediate downside and is followed by the key 1.3500 psychological mark and the very important 1.3465-60 support area.