GBP/USD Price Analysis: Retreats from 50% Fibo. but bulls not out of the woods

• GBP/USD consolidates recent gains around the highest levels in six weeks.
• Bullish MACD signals, sustained break of 50-DMA keep buyers hopeful.
• 100-DMA, 61.8% Fibonacci retracement level also test the upside momentum.

GBP/USD reverses the early Asian gains while easing to 1.3485 ahead of Thursday’s London open.

In doing so, the cable pair registers a failure to cross the 50% Fibonacci retracement (Fibo.) level of October-December downside, around 1.3500.

However, the quote’s ability to keep the previous day’s 50-DMA breakout amid the bullish MACD signals favor buyers.

That said, the latest pullback moves remain elusive until staying beyond the stated DMA level of 1.3424, a break of which direct GBP/USD sellers towards the mid-December lows near 1.3375.

In a case where the cable bears keep the reins past 1.3375, November 12 swing low near 1.3355 and 23.6% Fibonacci retracement level of 1.3320 will be in focus.

Meanwhile, a clear upside break of 1.3500 will battle the 100-DMA and 61.8% Fibo., respectively around 1.3570 and 1.3580. Also acting as an upside filter is November’s high of 1.3607.

GBP/USD: Daily chart

Trend: Further upside expected