GBP/USD Technical Analysis: Bulls gearing up for a move towards 1.2800 neighborhood, 50-DMA

• The pair caught some aggressive bids and rallied to mid-1.2700s, or near three-week tops at the start of a new trading week.

• The pair now seems to have found acceptance above two-week old trading range hurdle, confirming a near-term bullish break-out.

GBP/USD daily chart

• Technical indicators on 4-hourly/daily charts have been gaining positive traction and support prospects for additional gains.

• The fact that the pair is holding above important moving averages - 50, 100 & 200-hour SMAs, add credence to the bullish set-up.

• Hence, a follow-through up-move, towards testing 50-day SMA around the 1.2790-1.2800 region, now looks a distinct possibility.

• However, slightly overbought oscillators on the 1-hourly chart warrant some caution amid relatively thin liquidity conditions.

GBP/USD

Overview:
    Today Last Price: 1.274
    Today Daily change: 41 pips
    Today Daily change %: 0.323%
    Today Daily Open: 1.2699

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Fundamental Analysis