GBPUSD is looking more bullish in the short-term as prices have climbed towards the 38.2% Fibonacci retracement level of the downleg from 1.4375 to 1.2390 around 1.3145. In addition, the price is recording a new one-month high after the climb above the 20- and 40-simple moving averages (SMAs) in the daily timeframe.
The positive bias is also supported by the RSI indicator, which has been hovering above the 50-neutral level in the past few days, while the MACD oscillator crossed above the trigger line and is strengthening its momentum, confirming the recent upside move in price action.
Should the pair manage to strengthen its positive movement, the next resistance could come around the three-and-a-half-month high of 1.3217, registered on January 25. A break above this level would challenge the 1.3300 strong psychological barrier, taken from the highs on September 20, while a jump even higher would shift the bias to a more bullish one and open the way towards the 50.0% Fibonacci of 1.3380.
However, if prices are unable to break the 38.2% Fibonacci in the next few sessions, the risk would switch to the downside, with the 20- and 40-SMAs coming into focus currently at 1.2985 and 1.2935 respectively. Below these lines, the next key support to watch lower down is the 23.6% Fibonacci of 1.2855.
In the medium-term picture, cable remains neutral within the 1.3300-1.2390 boundaries and only a significant move above the 1.3300 handle would endorse the current positive view.
