GBPUSD surges to an eight-month high around 1.3290 on Friday, trying to overcome the consolidation area that has been holding since August 13.
Looking to the short-term oscillators, the MACD and the RSI promote slight improvements as they are strengthening their momentum, despite diminished directional momentum. Yet, the increasing 20- and 40-period simple moving averages (SMAs) maintain a bullish tone.
Should buyers drive above the 1.3290 strong resistance, they could encounter initial strengthened resistance from the 1.3513 peak, registered on December 2019.
Otherwise, if sellers take control, initial support could come from the 1.3175, which coincides with the 20-period SMA and the 23.6% Fibonacci retracement level of the up leg from 1.2478 to 1.3288 at 1.3095. Diving further, immediate limitations may arise for the lower surface of the range at 1.3050. If the bears persist, the attention could then move towards the 38.2% Fibonacci of 1.2977, changing the medium-term outlook from bullish to neutral.
All in all, the very short-term timeframe sustains a neutral-to-bullish mode for now. However, a break below or above the bounds of 1.3288 or 1.3050 could reveal the next direction.
