GBP/USD Technical Analysis: Bulls take out 1-1/2-month old descending trend-line resistance

   •  The pair built on last week's modest recovery from over two-month lows, around the 1.2865 region, and caught some aggressive bids on Tuesday.

   •  A sustained move back above the very important 200-day SMA was seen as a key trigger for bullish traders and fueling the ongoing strong upsurge. 

   •  The positive momentum further assisted the pair to make it through a short-term descending trend-line resistance, extending from YTD swing highs.

   •  Technical indicators on the daily chart have just recovered from the negative territory and are already pointing to overbought conditions on hourly charts.

   •  The set-up might have turned in favour of bullish traders, albeit warrant some consolidation before the next leg of an up-move towards the 1.3100 handle.

GBP/USD daily chart