Yesterday on 03/28, GBP/USD was trading in the positive territory near the price of $1.2335. Today, the currency pair traded in a narrow range around $1.2320-40, remaining close to its 2-month high. On the hourly chart, GBP/USD is still trading above the MA (200) The situation is similar on the four-hour chart. As long as GBP/USD remains above MA 200 H1, it would be wise to look for a good entry if it breaks above 1.2400
The rally towards $1.2350 (March 28 high) is likely to continue. The alternative scenario is a consolidation below the MA 200 H1 level, followed by a drop to $1.2025 (March 16 low).