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GBP/USD picks up bids to renew intraday high, grinds near the previous daily top.
50-DMA caps Cable pair prices in the last three weeks.
Looming bulls cross on MACD, sustained trading beyond 200-DMA favor buyers.
One-month-old descending trend line adds to the upside filters.
GBP/USD sticks to mild gains around 1.2130, up 0.20% intraday, as bulls attack the 50-DMA resistance early Wednesday.
In doing so, the Cable pair extends its previous weekly rebound from the 200-DMA while making rounds to Tuesday’s high surrounding 1.2150.
It should be noted that the pair’s successful trading above 200-DMA joins the impending bull cross on the MACD to keep GBP/USD buyers hopeful.
That said, the 50-DMA and a downward-sloping resistance line from late January, respectively near 1.2160 and 1.2200, restrict short-term GBP/USD upside.
Following that, the last weekly top surrounding 1.2270 could probe the GBP/USD buyers before directing them to the multiple tops marked around 1.2445-50.
On the contrary, pullback moves may initially aim for the 1.2100 and 1.2050 support levels ahead of highlighting the 200-DMA level of 1.1935.
Should the GBP/USD bears dominate past 1.1935, January 2023 low near 1.1840 and the 61.8% Fibonacci retracement level of the pair’s November 2022 to February 2023 upside, near 1.1645, will be in the spotlight.
To sum up, GBP/USD remains on the front foot but the pair’s further upside needs validation from the 50-DMA and aforementioned monthly resistance line.
Trend: Further upside expected
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