GBP/USD Technical Analysis: bulls take a breather near 200-hour SMA

   •  The post-BoE upsurge takes out a confluence resistance on the 1-hourly chart and now seems to have negated near-term bearish outlook. 

   •  A follow-through technical buying beyond 200-hour SMA would reinforce the bullish expectations and lift the pair back towards weekly tops.

   •  Technical indicators are yet to catch up with the momentum and could be the only factor leading to some consolidation before the next leg of up-move.

GBP/USD 1-hourly chart

Current Price: 1.3249
Daily Low: 1.3102
Daily High: 1.3259
Trend: Bullish consolidation

Resistance
R1: 1.3283 (50-period SMA H4)
R2: 1.3300 (round figure mark)
R3: 1.3315 (61.8% Fibo. level of the 1.3447-1.3102 recent downfall)

Support
S1: 1.3225 (horizontal level)
S2: 1.3200 (round figure mark)
S3: 1.3171 (50-hour SMA H1)