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   “¢   The pair built on Friday’s sharp rebound from the 1.3100 handle and continued gaining positive traction for the second consecutive session.

   “¢   The Fact that managed to reverse an early European session dip to 100-hour SMA supports prospects for an extension of the positive momentum.

   “¢   However, RSI (14) on the hourly chart has now moved into overbought territory and could be the only factor capping gains near a short-term descending trend-channel resistance.  

GBP/USD 1-hourly chart

Spot rate: 1.3285
Daily Low: 1.3224
Trend: Bullish
Support levels
S1: 1.3255 (horizontal zone)
S2: 1.3200 (round figure mark)
S3: 1.3144 (S1 daily pivot-point)

Resistance levels
R1: 1.3300 (descending trend-channel)
R2: 1.3330 (50-day SMA)
R3: 1.3363 (over 3-week tops set last Monday)