GBP/USD Technical Analysis: Closing on confluence of key resistances at 1.3053

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GBP/USD is looking north, having defended 1.3020 with multiple long-tailed hourly candles. The currency pair is currently bid at 1.3048 and is fast closing on 1.3053. That level marks the confluence of the descending (bearish) 50-hour moving average (MA) and the upper edge of the falling channel, as seen in the chart below. 

Hourly chart

  • An hourly close above 1.3053 would confirm falling channel breakout and open the doors to test of supply around 1.3085 (trendline connecting March 13 and March 27 highs). 
  • The hourly RSI has already moved above 50.00 in favor of the bulls. 
  • The will likely see a sustained break above 1.3053 and may rise well above 1.3085 if the UK retail sales for March print well above estimates. The data is due for release at 08:30 GMT. 

Trend: Bullish above 1.3053

 

 

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