GBP/USD Technical Analysis: Eyes test of 200-day MA for first since May 2018

The GBP/USD pair looks set to test the 200-day moving average (MA) for the first time since May 2018.  

As of writing, the pair is trading at 1.3106, having clocked a high of 1.3128 earlier today –  a level last seen on Nov. 8.  Meanwhile, the 200-day MA is located at 1.3146.  

Hourly chart

• The flag breakout and last hourly candle’s convincing close above the Jan. 23 high of 1.3094 indicates the path of least resistance is to the higher side.  
• The major averages (50, 10, and 200) are also trending north and located one above the other indicating a bullish bias.  
• On the daily chart, 5- and 10-candle MAs are also rising and the 14-day RSI is biased bullish above 50.00.
• The dips, if any, could be short-lived and the 200-day MA hurdle could be soon put to test.  
• The bullish pressure would weaken if the pair closes below the 10-day MA, currently at 1.2954.  

Trend: bullish