GBPUSD is slowing its momentum after the rise in the Ichimoku cloud, finding crucial support at 1.3670. Also, cable is hovering beneath the bearish crossover within the 20- and 40-day simple moving averages (SMAs). The technical indicators are showing positive signals. The RSI is pointing up in the positive area, while the stochastic is entering the overbought region.
A clear step above the short-term SMAs could take the investors until the 1.4000 handle before touching the mutli-month peak of 1.4235 and the high from January 2018 at 1.4345.
In the negative scenario, a downside move could take the price towards the long-term ascending trend line around 1.3670 and the 23.6% Fibonacci retracement level of the upward wave from 1.1405 to 1.4235 at 1.3570. Steeper decreases could open the door for 1.3435 ahead of the 200-day currently at 1.3317.
Summarizing, GBPUSD is flirting with an upward attempt again in the very short-term, while in the bigger picture the outlook remains bullish.
