The GBP/USD pair maintained bullish through the mid-European session, but seemed struggling to build on the momentum beyond the 1.3600 mark.
The pair added to the previous day's positive move and continued scaling higher for the second consecutive session on Wednesday. The momentum was supported by the heavily offered tone surrounding the US dollar, which tumbled to fresh multi-year lows amid the prevalent risk-on environment.
On the upside, main resistance is near the 1.3600 zone. A close above the 1.3600 level is a must for the upside continuation. In case, the quote manages to cross 1.3600 on a daily closing, it needs to pierce the monthly peak surrounding 1.3625 before eyeing the March 2018 low near 1.3710.
On the flip side, the key 1.3500 psychological mark might now support the immediate downside. Bearish traders might now wait for sustained weakness below 1.3500. Any subsequent fall might now be seen as a buying opportunity. A failure to defend the mentioned support levels might prompt some technical selling and turn the pair vulnerable to slide back below the 1.3440.