On the hourly timeframe, the GBP/USD pair is trading above the 1.3200 level and slightly above the moving average. This means that we have two supports that could initiate a continuation of the northern direction. If this scenario plays out, the northward movement can continue only if the price manages to settle above the resistance at 1.3266. In this case, the target would be the same resistance level at 1.3330. Of course, if the quotes drop below the moving average and support, a southern direction is possible, but only if the price consolidates below that level; without such consolidation, there is a high risk of a return to the north.
