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GBPUSD tests the short-term SMAs to the upside
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Technical signals are mixed
GBPUSD is extending its movement to the upside, continuing the rebound off the 1.2520 support level. Currently, the market is meeting the 20- and the 50-day simple moving averages (SMAs) at 1.2670 and any movement above this region would hit the upper boundary of the trading range at 1.2785. A climb beyond the five-month high of 1.2825 could open the way for a bullish tendency towards the 1.3000 psychological mark.
The technical oscillators are showing some mixed signs in the near term. The MACD is still standing beneath its trigger and zero lines; however, the RSI is heading north, crossing above the 50 level.
On the other hand, a potential break below the lower boundary of the consolidation area of 1.2520 and the immediate support of 1.2495 could drive the price towards the 1.2370 barricade ahead of the medium-term ascending trend line at 1.2310.
In a nutshell, GBPUSD has been developing within a sideways channel of 1.2520-1.2785 since the end of November, but in the bigger picture it is bullish.
