- GBP / USD consolidates the latest advance to the 1.3950 region.
- The bullish bias remains intact as long as GBP / US remains above the 21-hour SMA.
- The RSI has turned lower, but remains well above the 50 level.
GBP / USD is retreating from the fresh 34-month highs of 1.3951 reached during the Asian session on Tuesday, as the bulls look to test support around the 1.3920 region, where the up-sloping 21-hour moving average is located.
The bullish bias remains intact as long as the price remains above this region. Acceptance below that level could trigger a further slide due to profit taking towards the bullish 50 hour SMA, now at 1.3876.
The RSI on the 1 hour chart has turned lower, but remains well above the midline, allowing for additional gains.
Therefore, the bulls are likely to regain control and retest the multi-year highs of 1.3951. A break above that level would point to the psychological target of 1.4000.
GBP / USD 1 hour chart
GBP / USD technical levels
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