On Thursday, the GBP/USD currency pair bounced from the key support at about 1.3697 to trade at about 1.3751 after the latest data. The currency pair trades within an ascending channel formation in the 60-minute chart.

The currency pair has now ascended to trade several levels above the 100-hour moving average line. As a result, the currency pair is on the verge of entering the overbought levels of the 14-hour RSI.

GBP/USD Fundamentals Overview

From a fundamental perspective, the GBP/USD currency pair trades during a relatively busy period in both markets. On Thursday, the U.S. initial jobless claims for the week ending June 20 came in lower than expected, with 236k versus a forecast of 245k, down from 245k in the previous period.

The annualised U.S. gross domestic product for Q1 fell short of the forecasted change of -0.2% with a change of -0.5, while the gross domestic product price index for the quarter beat the forecast of 3.7% with a change of 3.8%. The personal consumption expenditures prices for Q1 outshone the (QoQ) forecast of 3.6% with a change of 3.7%, while the core personal consumption expenditures prices beat the estimate of 2.4% with a change of 3.5% (QoQ).

In the U.K., the preliminary S&P Global Composite PMI for June came in better than expected with 50.7 versus a forecast of 50.5, up from 50.3 in May. The preliminary S&P Global Manufacturing PMI for the period also beat the forecast of 46.6 with a reading of 47.7, up from 46.4, while the preliminary S&P Global Services PMI matched the expectation of 51.3, up from 50.9.

GDP/USD Technical Analysis (the 60-min Chart)

Technically, the GBP/USD currency pair trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will look to extend the current rally towards 1.3796 or higher to 1.3840. On the other hand, the bears will look to pounce on pullbacks at about 1.3697 or lower at 1.3650.

GBP/USD Technical Analysis (the Daily Chart)

In the daily chart, the GBP/USD currency pair trades within an ascending channel formation. The 14-day RSI also supports a long-term bullish bias as it moves closer to overbought conditions.

Therefore, the bulls will look to stretch the current run of gains toward 1.3940 or higher to 1.4127. On the other hand, the bears will look to pounce on profits at about 1.3566 or lower at 1.3387.