“¢ The pair built on last week’s modest recovery from over two-month lows, around the 1.2865 region, and caught some aggressive bids on Tuesday.
“¢ A sustained move back above the very important 200-day SMA was seen as a key trigger for bullish traders and fueling the ongoing strong upsurge.
“¢ The positive momentum further assisted the pair to make it through a short-term descending trend-line resistance, extending from YTD swing highs.
“¢ Technical indicators on the daily chart have just recovered from the negative territory and are already pointing to overbought conditions on hourly charts.
“¢ The set-up might have turned in favour of bullish traders, albeit warrant some consolidation before the next leg of an up-move towards the 1.3100 handle.
GBP/USD daily chart
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