GBP/USD Price Analysis: Holds position above 1.2850 nearing a pullback resistance

• 
  GBP/USD
  moves
  upward
  within
  an
  ascending
  channel,
  signaling
  a
  bullish
  bias.
• 
  The
  14-day
  RSI
  is
  positioned
  just
  below
  the
  70
  level,
  indicating
  potential
  overbought
  conditions
  in
  the
  pair.
• 
  A
  break
  above
  the
  pullback
  resistance
  at
  the
  1.2860
  level
  could
  lead
  the
  pair
  to
  test
  the
  upper
  boundary.

GBP/USD
continues
to
advance
for
the
second
consecutive
session,
trading
around
1.2860
during
Asian
hours
on
Thursday.
The
analysis
of
the
daily
chart
shows
that
the
pair
is
moving
upward
within
an
ascending
channel,
which
indicates
a
bullish
bias
in
the
pair’s
price
action.

Additionally,
the
14-day
Relative
Strength
Index
(RSI)
is
positioned
slightly
below
the
70
level,
indicating
confirmation
of
the
bullish
trend
while
also
suggesting
potential
overbought
conditions.
A
breach
above
this
level
could
signal
a
need
for
caution,
possibly
indicating
a
forthcoming
correction.

Furthermore,
the
Moving
Average
Convergence
Divergence
(MACD)
momentum
indicator
indicates
bullish
momentum
in
the
short
term.
This
is
evidenced
by
the
MACD
line
being
above
the
centerline
and
showing
divergence
above
the
signal
line.

In
terms
of
resistance,
the
GBP/USD
pair
tests
pullback
resistance
near
the
1.2860
level.
A
successful
breakthrough
above
this
barrier
could
potentially
push
the
pair
higher
to
test
the
upper
boundary
of
the
ascending
channel
around
the
1.2870
level.

On
the
downside,
the
GBP/USD
pair
could
encounter
significant
support
near
the
14-day
Exponential
Moving
Average
(EMA)
at
the
1.2763
level.
If
this
level
is
breached,
it
may
lead
to
increased
selling
pressure,
potentially
testing
the
lower
boundary
of
the
ascending
channel
around
1.2740.
Further
support
could
be
found
around
the
throwback
support
level
of
1.2615.

GBP/USD:
Daily
Chart