GBP/USD Price Analysis: Bulls eye two-week-old previous support above 1.3600

• GBP/USD keeps upside break of 50-HMA despite recent consolidation from 1.3642.
• Bullish MACD, sustained trading beyond 100-HMA direct bulls to an ascending trend line from December 22.

GBP/USD picks up bids near 1.3628 during Wednesday’s Asian session. In doing so, the cable consolidates the previous day’s gains while staying above 50-HMA.

In addition to the quote’s successful trading beyond 50-HMA, bullish MACD and GBP/USD buyers’ dominance past-100-HMA also suggest further upside of the pair.

As a result, a short-term resistance line, previous support, around 1.3645, gained immediate attention of GBP/USD bulls.

However, upside moves past-1.3645 will have a bumpy road as the monthly top near 1.3705 and March 2018 low around 1.3710 stands tall to test the GBP/USD strength.

On the flip side, 50-HMA and 100-HMA, respectively around 1.3615 and 1.3550, restrict the short-term downside of the GBP/USD prices.

Should GBP/USD bears dominate past-1.3550, there are multiple supports around 1.3530-20 ahead of highlighting the sub-1.3500 area.

GBP/USD hourly chart

Trend: Bullish