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GBP/USD Technical Analysis: Hits 3.5-week high, charts look constructive

GBP/USD jumped to 1.3149 in Asia - the highest level since Jan. 31 - bolstering the bullish setup seen on the 4-hour chart. As a result, the pair could rise further toward 1.3180-1.32 in the next 24 hours. 

    • The path of least resistance is to the higher side, as indicated by the falling channel breakout and flag breakout seen in the above chart. 
    • Supporting that bullish case are the ascending 5- and 10-week moving averages (MAs) and an above 50-reading on the relative strength index. 
    • The 50-candle MA has also moved back above the 200-candle MA, confirming a bullish move. 

    Trend: Bullish