• GBP/USD consolidated recent strong moves up to multi-year highs.
  • Set up still supports prospects for further upside.

GBP/USD switched between mild gains and losses through the mid-European session, as it paused for breath after the recent strong gains to a nearly three year high.

The near-term bias remains bullish after the break above 1.3755 resistance. Further gains are possible. The positive outlook is further supported by oscillators on the daily chart maintaining their bullish bias but with some distance to overbought territory.

A move towards 1.39 remains likely. A meaningful move beyond here could see more bulls jump in pushing the price to 1.3950-60 resistance en-route to the key 1.4000 psychological mark.