GBP/USD Technical Analysis: Bullish structure favors test of 50-day MA hurdle

• GBP/USD’s transition from the  falling wedge to rising channel, as seen in the hourly chart, indicates the currency pair is likely to test the 50-day moving average (MA) of 1.3355.  
• The pattern adds credence to bullish crossover between the 5-day moving average (MA) and 10-day MA and a bullish 14-day relative strength index (RSI).  

Hourly chart

Spot Rate: 1.33

Daily High: 1.3318  

Daily Low: 1.3285

Trend: Bullish

Resistance

R1: 1.3318 (Asian session high)

R2: 1.3355 (50-day MA)

R3: 1.3472 (June 7 high)

Support

S1: 1.3285 (session low)

S2: 1.3244 (5-day MA)

S3: 1.3197 (10-day MA)