Upside risks prevailed in the market on Tuesday, thus allowing GBP/USD to end the session with a 74-pip advance. The pair experienced a brief period of consolidation after breaching the 55-hour SMA and the weekly PP, but eventually managed to dash through the 100-hour moving average, as well. In accordance with technical indicators, there is still some upside potential that could push the rate towards the 1.4250 mark where the bottom boundary of the breached four-week channel is located. However, their high positioning suggests that this expected movement up is unlikely to be sustainable for the whole session. Meanwhile, the southern barrier is guarded by several noteworthy support levels. In case no fundamentals breach this area, the Pound should remain trading near 1.4150 by Wednesday morning.
