GBPUSD is in the process of pushing beyond the 1.3000 mark after pivoting around the bullish crossover between the 100- and 200-day simple moving averages (SMAs), and pressing above the mid-Bollinger band at 1.2861. The rising 50- and 100-day SMAs support bullish sentiment while the short-term oscillators mirror the pickup in positive price action.
The MACD, in the negative region, has climbed above its red trigger line and is nearing its zero line, while the RSI is improving above its 50 threshold. Suggesting more advances are the upward sloping %K and %D lines, which are heading further into overbought territory.
Conquering the 1.3000 handle, buyers face an early resistance band from 1.3035 to 1.3053, which encapsulates the 50-day SMA and the upper Bollinger band. Surpassing this heavy border, the pair may jump for the 1.3160 barrier before heading towards the 1.3318 high. Should buyers gain additional ground, the bulls may revisit the resistance zone of multi-month peaks of 1.3481 and 1.3514 respectively.
If sellers re-emerge and drive the price down, the mid-Bollinger band at 1.2861 could provide initial limitations ahead of the 100-day SMA at 1.2785. Next, the bears may encounter hardened support from the region between the 200-day SMA at 1.2700 and the 1.2643 obstacle, which contains the lower Bollinger band and the recent trough. Successfully diving underneath this key area may send the pair to challenge the adjacent hurdles of 1.2510 and 1.2479. Steeper losses could even stretch towards the 1.2250 level.
Concluding, GBPUSD appears to hold a neutral-to-bullish bias in the short-term picture between the restraints of 1.3053 and 1.2700. A clear break of these boundaries could reveal the next price direction.
