GBP/USD Technical Analysis: Moves beyond 100-hour SMA to retest Friday's swing high

  The pair finally broke out of its daily consolidation trading range and spiked back to Friday's swing high, touched in reaction to dovish sounding comments by the Fed Chair Jerome Powell.

   •  A decisive breakthrough Asian session tops, coinciding with 100-hour SMA, was seen as key for bullish traders and one of the key factors behind the latest leg of a sudden spike.

   •  Given that technical indicators on the 1-hourly chart have picked up positive momentum, a follow-through up-move, possibly even beyond the 1.2900 handle, remains a distinct possibility.

GBP/USD 1-hourly chart

Spot Rate: 1.2877
Daily Low: 1.2829
Trend: Bullish

Resistance
R1: 1.2900 (round figure mark)
R2: 1.2936 (last week's swing high)
R3: 1.2971 (R3 daily pivot-point)

Support
S1: 1.2840 (50-period SMA H1)
S2: 1.2800 (round figure mark)
S3: 1.2761 (S2 daily pivot-point)

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