GBPUSD has found strong support at the six-week low of 1.2865 on April 25, shifting the short-term negative bias to bullish. Also, cable penetrated the descending trend line to the upside and it jumped above the 23.6% Fibonacci retracement level of the upleg from 1.2390 to 1.3380 around 1.3150 but it pared some of those gains in the next session. Currently, the pair is standing above the moving averages, while the RSI indicator is sloping up in the positive area, suggesting more gains. The MACD oscillator is trying to enter the bullish region with weak momentum but it successfully climbed above its red trigger line. ... (full story)