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.
- 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