• GBP/USD looks to extend gains above 1.3200.  
• Upside bias intact while above 21-HMA.
• Hourly RSI stays bullish ahead of Fed Chair Powell’s speech.

GBP/USD extends the Asian consolidative mode into the European session on Thursday, having witnessed a sharp rise to 1.3220 levels in the US last session.

The spot ranges in the upper band of the rising channel formation carved out this week, as the bulls hold above the bullish 21-hourly Simple Moving Average (HMA), now placed at 1.3198.

A test of the rising trendline resistance at 1.3238 is likely on the cards, backed by the bullish hourly Relative Strength Index (RSI), which now points northwards at 62.20.

The path of least resistance appears to the upside amid a bunch of healthy support levels stacked up. The immediate cushion is aligned at the upward-sloping 50-HMA of 1.3161 should the 21-HMA give way.

The next critical support is seen at 1.3147, the convergence of the horizontal 200-HMA and rising trendline support. A break below which the 100-HMA at 1.3135 could be tested.

GBP/USD: HOURLY CHART

GBP/USD: Additional levels