GBP/USD Technical Analysis: descending channel breakout confirms a bullish bias

   •  Break above 100-hour SMA supportive of the up-move for the second straight session.
   •  Move beyond 200-hour SMA now a key to confirm a near-term bullish breakout. 
   •  Hourly RSI gradually heading towards oversold territory and might cap additional gains.

GBP/USD 1-hourly chart

Spot rate:        1.3338
Trend:              Turning bullish 

Support 1:        1.3298 (100-hour SMA)
Support 2:        1.3277 (daily low)
Support 3:        1.3204 (May 29th low)

Resistance 1:   1.3349 (200-hour SMA)
Resistance 2:   1.3385 (R3 daily pivot point)
Resistance 3:   1.3422 (May 24th swing high)