- GBP/USD consolidates the latest advance to mid-1.3900s.
- Bullish bias remains intact while the cable defends 21-HMA.
- RSI has turned lower but holds well above the 50 level.
GBP/USD is retreating from fresh 34-month highs of 1.3951, as the bulls look to test bids around the 1.3920 region, where the upward-sloping 21-hourly moving average (HMA) coincides.
The upside bias remains intact so long as the price holds above the latter. Acceptance below that level could trigger a fresh profit-taking slide towards the bullish 50-HMA, now at 1.3876.
The hourly relative strength index (RSI) has turned south but holds well above the midline, allowing room for more gains.
Therefore, the bulls are likely to regain control and retest the multi-year highs at 1.3951, above which the 1.4000 psychological target remains on the buyers’ radars.
GBP/USD: Hourly chart
GBP/USD: Additional levels
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