GBP/USD Eyeing Upside Break Above 1.2950

Key Highlights
· The British Pound made a nice upside move and traded above 1.2800 resistance against the US Dollar.
· There is a key bearish trend line in place with resistance at 1.2900-1.2920 on the 4-hour chart of GBP/USD.

GBP/USD Technical Analysis
After a continuous decline, the British Pound found support near the 1.2660 level against the US Dollar. The GBP/USD pair started a decent recovery and moved above the 1.2700 and 1.2800 resistance levels.

Looking at the 4-hours chart, the pair climbed above the 23.6% fib retracement level of the last decline from the 1.3213 high to 1.2661 low. The pair even broke the 1.2900 resistance once and attempted a close above the 100 simple moving average (red).

However, the upside move was capped by the 50% fib retracement level of the last decline from the 1.3213 high to 1.2661 low at 1.2935. The pair dipped and tested the 1.2800-1.2820 support area.

Later, there was a fresh upside move towards a key bearish trend line with resistance at 1.2900-1.2920 on the same chart. If there is a 4-hour close above the trend line and the pair breaks the 1.2935 level, there could be more gains towards the 1.3000 level and the 200 simple moving average (green, 4-hours).

GBPUSD

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