GBP/USD Technical Analysis: Bulls eyeing a move beyond 50-hour SMA post-US retail sales

   •  The pair found decent support near the 200-hour SMA and rallied nearly 100-pips from sub-1.3100 level, filling the Brexit news-led weekly bearish gap. 

   •  The positive momentum faced rejection near 50-hour SMA, albeit weaker US retail sales data undermined the USD demand and helped limit any immediate sharp fall. 

   •  Meanwhile, technical indicators on the hourly chart have started losing positive momentum and thus, increase prospects for an extension of the rejection slide.

   •  However, it would be prudent to wait for a convincing break through 200-hour SMA support (the 1.3100 handle) before positioning for any further downfall.

   •  Alternatively, a sustained move beyond 50-hour SMA barrier (the 1.3180 region) might negate any near-term bearish bias and assist the pair to climb further. 
 

GBP/USD 1-hourly chart