GBP/USD technical analysis: Bulls cheer sustained trading above 38.2% Fibo./200-HMA

• Sustained trading above immediate supports favors the further upside.
• 1.2745 becomes the key short-term resistance.

Successful trading above 200-HMA and 38.2% Fibonacci retracement of short-term downpour portrays the GBP/USD pair’s strength as it takes the rounds near 1.2670 ahead of the London open on Tuesday.

While 1.2690, comprising 50% Fibonacci retracement, followed by 1.2720, seem nearby upside barrier for the pair, late-May high surrounding 1.2745 could question buyers then after.

On the extended rise past-1.2745, the quote can rally towards May 21 top near 1.2815.

If the pair fails to hold the latest strength and slip beneath 1.2655/50 support-confluence, 1.2615, 1.2580 and 1.2560 could flash on bears’ radar.

Additionally, pair’s run down past-1.2560 emphasize December 2018 low near 1.2480.

GBP/USD hourly chart

Trend: Bullish