The GBPUSD currency pair, currently at 1.29310, has slightly increased in value as it continues its two-day streak of gains. However, it is expected that there will be limited potential for further upward movement according to the perspective of @nehcap.

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• GBP/USD edges higher after positing two-day winning streak.

The pair currently trades last at 1.29310.

The previous day high was 1.2905 while the previous day low was 1.281. The daily 38.2% Fib levels comes at 1.2868, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2846, expected to provide support.

GBP/USD bulls take a breather after a two-day uptrend, making rounds to the weekly top surrounding 1.2960 amid the early hours of Thursday’s Asian session. In doing so, the Cable pair portrays the market’s cautious mood ahead of the top-tier data/events, as well as portrays consolidation ahead of the key upside hurdles.

It’s worth noting, however, that the bullish MACD signals and the upbeat RSI (14) line, now overbought, join the GBP/USD pair’s upside break of the 50-SMA to favor the pair buyers.

However, a two-week-old horizontal resistance area surrounding 1.2960-70 guards the immediate upside of the Pound Sterling.

Following that, a convergence of the previous support line stretched from late June and a fortnight-long descending trend line, close to 1.3010 at the latest, will act as the final defense of the GBP/USD pair sellers, a break of which won’t hesitate to challenge the yearly top around 1.3145.

On the flip side, a clear break of the 50-SMA level of around 1.2910 can direct the GBP/USD price toward the 50% Fibonacci retracement of its late June to early July upside, near 1.2865.

Even so, the 200-SMA and 61.8% Fibonacci retracement together could challenge the Cable pair bears around 1.2810-2800.

Overall, GBP/USD stays on the bull’s radar but the road towards the north is long and bumpy.

Elsewhere, the cautious mood ahead of the first readings of the US Gross Domestic Product (GDP) for the second quarter (Q2) and the European Central Bank’s (ECB) monetary policy meeting, as well as US Durable Goods Orders for June, prods the GBP/USD bulls.

Also read: GBP/USD shoots higher as Fed chair sticks to the data dependent script

Trend: limited upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2935 at the time of writing. Pair opened at 1.2903 and is trading with a change of 0.25% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2857, 50 SMA 1.2673, 100 SMA @ 1.2526 and 200 SMA @ 1.2262.

The previous day high was 1.2905 while the previous day low was 1.281. The daily 38.2% Fib levels comes at 1.2868, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2846, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.284, 1.2777, 1.2744
• Pivot resistance is noted at 1.2935, 1.2968, 1.3031

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