GBP/USD holds the greater floor heading into the European open, with the bulls searching to check the 1.3400 stage amid favorable technicals and broad-based US greenback weakness.
From a near-term technical perspective, the spot is consolidating the upside following a breakout from a bull pennant tested on the 15-minutes chart. The measured goal is aligned at 1.3396.
The upside momentum received traction after the 50-simple transferring common (SMA) on the stated timeframe crossed the 100-SMA from below, charting a bullish crossover.
The Relative Strength Index (RSI) has grew to become south however trades will above the 50.00 level, suggesting that the upside bias nonetheless stays intact.
The on the spot assist at 1.3367 ought to in all likelihood restrict the retracement. Although a shut beneath that degree should invalidate the bullish formation.
The subsequent help is then considered at the horizontal 200-SMA at 1.3363. The psychological degree of 1.3350 may want to venture the bears’ commitment.