GBP/USD to test March high at 1.32 on a break above the 1.3183 daily high

GBP/USD is approaching daily highs at 1.3183 as Thursday's 4-hour chart is pointing to room for more gains, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“The Relative Strength Index on the 4-hour chart is still below 70 – outside overbought conditions and allowing bulls to squeeze more gains. Momentum remains positive and GBP/USD is holding above the 50, 100, and 200 Simple Moving Averages.”

“Above the fresh high of 1.3183, the next barrier is 1.32 – March's high. Further above, 1.3270 and 1.3320 are eyed.”

“Support awaits at 1.3110, the daily low, followed by 1.3055, a stepping stone on the way up. Next, 1.2980 and 1.2905 are eyed.”