GBP/USD – Extended consolidation expected before a fresh push higher

Cable is consolidating just below a new multi-week high of 1.2817, with near-term action supported by the rising 10-day moving average (1.2758) and poised for a fresh push higher to challenge the 2024 high of 1.2893.

Daily moving averages are in a strong bullish configuration with multiple bull crosses, maintaining a bullish structure. However, fading positive momentum suggests that near-term action may remain in extended consolidation before larger bullish forces regain full control.

Ideally, dips should be contained by the 10-day moving average (which also aligns with the broken 76.4% Fibonacci retracement of the 1.2893/1.2299 move). An extended pullback should not exceed the 1.2707/1.2680 zone (which includes the rising 20-day moving average and the higher low from May 30) to keep the larger bullish trend intact.

Res: 1.2803; 1.2817; 1.2853; 1.2893
Sup: 1.2758; 1.2707; 1.2680; 1.2666