GBP/USD bounced off a key support level and rose up strongly this week.
Resistance from two major Moving Averages, however, prevented the trend from going higher.
A clear break above this resistance barrier would be required to confirm a move up to the range highs.
GBP/USD has just bounced off the bottom of a medium-term consolidation range after forming a Tweezer Bottom Japanese candlestick pattern.
The pair rose up strongly on Wednesday and Thursday but then hit stubborn resistance at the intersection of two major moving averages – the red 50-day and blue 100-day Simple Moving Averages (SMA) – and stalled
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