- GBP / USD remains poised for further gains amid favorable technical signals.
- The 200 HMA and the bullish crossover keep buyers hopeful.
- The 100 HMA at 1.3625 is in the spotlight amid the bullish RSI.
He GBP/USD is setting the stage to extend Monday’s rally, with the short-term technical setup favoring the bulls.
On the hourly chart, the pound has entered a consolidation phase around 1.3600. The bulls have managed to defend the support of the 200 hourly moving average (HMA) at 1.3598, keeping the prospects for further hikes in place.
Additionally, a bullish crossover is confirmed in said time frame, with the 21 HMA having pierced the 50 HMA from above. The bullish crossover also adds credibility to a likely bullish move.
The Relative Strength Index (RSI) points north while above the midline, leaving room for more gains.
Therefore, the HMA barrier of 100 in 1.3625 appears as the first line of resistance, above which the psychological level of 1.3650 could be challenged.
On the other hand, acceptance below the HMA of 200 might require a test of the critical support at 1.3589, where the 21 and 50 HMAs intersect. Further south, Friday’s low of 1.3572 could be challenged, while Monday’s low of 1.3519 remains the last line of defense for the bulls.
GBP / USD Hourly graph
Technical Levels
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