Chartbook: Chart GBP/USD: Room for higher as long-term studies improve

Anticipated gains have reached resistance at the 1.3330 Fibonacci retracement and congestion around 1.3500, 

 where fresh consolidation is developing.

Monthly stochastics and the monthly Tension Indicator continue to improve, highlighting a constructive tone and room for further strength in the coming months.

A close above here will improve sentiment once again and extend gains from the 1.0355 multi-year low of September 2022 towards 1.4000.

Still higher is critical multi-year resistance at the 1.4250 multi-year high of June 2021.

Overbought monthly stochastics could limit any initial tests of this range in consolidation/profit-taking, before improving longer-term charts prompt a break and open up the 1.4500 multi-year Fibonacci retracement.

Meanwhile, support is at the 1.3140 monthly low of 12 May.

A close beneath here, if seen, would delay higher levels and add weight to sentiment as losses then extend to congestion around 1.3000.

Positive background studies are expected to promote consolidation around here. But if broken, a more significant pullback will be confirmed, as increased selling pressure then puts focus on 1.2500.