GBPUSD Marching Higher
The British Pound after a decline towards 1.2930 against the US Dollar started an upside move. The GBPUSD pair moved above 1.3000 handles and currently trading above the 100 hourly simple moving average.
The pair is now gaining pace and moving inside an ascending channel pattern with resistance at 1.3035 on the hourly chart.
A break above the channel resistance is very likely for a test of the 1.3050 resistance and the 61.8% Fib retracement level of the last decline from the 1.3125 high to 1.2933 low. The overall trend is positive for GBPUSD as long as the pair is above 1.3000 and the 100 hourly simple moving average.