GBP/USD has been oscillating within a broad range on the daily time frame, with price bouncing between support in the 1.3200 area and resistance near the 1.3800 major psychological level.

After sliding to the lower boundary of this range earlier in March, the pair has since staged a sharp recovery, climbing back above the moving averages and now approaching the upper half of the range around 1.3571.

The swift rebound has brought price back above both the 100 SMA and the 200 SMA, which are converging near the 1.3400 region. The 100 SMA has crossed above the 200 SMA, suggesting that bullish pressure is picking up and that the path of least resistance may be shifting back to the upside.

If price continues to hold above these dynamic support levels on any dips, the rally could gain further traction toward range resistance near 1.3800. A decisive break above that ceiling would mark a significant development, potentially opening the door to an extended climb beyond the range highs.

On the other hand, a rejection at or near the upper boundary could send the pair back toward the mid-range area around 1.3400, where the converging moving averages could provide a floor. A deeper pullback could eventually bring the lower range support near 1.3200 back into play.

Stochastic is surging into overbought territory, with both lines racing toward the upper boundary of the band. This reflects strong bullish momentum in the near term, though a turnover from overbought levels would be an early warning that buyers are running out of steam.

RSI is also climbing sharply and approaching the 70 area, suggesting that bullish momentum remains intact for now, though the pair may need to pause or consolidate before the next leg higher.

UK economic data and broader dollar sentiment will likely determine whether cable can muster enough momentum for a clean break above range resistance.