The GBP/USD pair faded an early European session spike to fresh 32-month tops and has now retreated to the lower end of its daily trading range. The pair was last seen hovering around the 1.3700 region, nearly unchanged for the day.
The pair built on the strong rally of around 135 pips from the psychological round figure mark 1.3600 and gained some follow-through traction through the first half of the trading action on Wednesday. The momentum pushed the GBP/USD pair to the highest level since May 2018, around the 1.3755-60 region, though lacked any strong follow-through buying.
GBP/USD's immediate technical bias remains bullish, as the higher lows and higher highs setup on the daily chart is still intact. Acceptance under 1.3640 support which restricted the downside move will open the gates to 1.3600 . A break below the round figure mark and ascending trend-line would invalidate the higher lows setup and shift the attention to the downside.
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