GBP/USD Technical Analysis: Bull flag breakout could pull away from 1.2800

• GBP/USD is trading towards the upside, spurred on by a dovish Fed showing late on Wednesday, and bidders are looking to capitalize on continued Greenback weakness, marking in fresh intraday swingpoints as bulls try to mark in a new floor at the 1.2800 major technical level.

GBP/USD, 5-Minute

• The Cable has been exposed to plenty of fundamental-based volatility recently, getting whipped and spiked on various Brexit headlines, and taking a ride on the collapsing Greenback yesterday. High volatility but a lack of general direction has left the GBP/USD pairing broadly directionless in the near-term, cycling around the 200-period moving average near 1.2800.

GBP/USD, 30-Minute

• 4-Hour candles show the Cable may be in the middle of an upside breakout from a bullish flag, but stiff resistance from the 200-period moving average near 1.2925 could hamper progress to the upside if bidders are able to continue the US Dollar's bearish stance.

GBP/USD, 4-Hour