GBP/USD Price Analysis: Bulls remain in control, fast approaching 1.3000 mark

The GBP/USD pair built on its recent bullish break through the very important 200-day SMA and shot to the highest level since March 10 on Wednesday.

Looking at the technical picture, the recent positive momentum over the past three months or so has been along an upward sloping channel, pointing to a well-established bullish trend. This, in turn, supports prospects for a further near-term appreciating move amid the prevalent selling bias around the USD.

However, technical indicators on the daily chart are flashing overbought conditions and warrant some caution for aggressive bulls. Hence, any subsequent move up – though could get extended beyond the 1.3000 psychological mark – is likely to confront a stiff resistance near the top end of the mentioned channel, around the 1.3030 region.