GBP/USD recovery gains momentum, challenging 50-DMA resistance

The GBP/USD pair's recovery from session low gained further traction, assisting the pair to reclaim 1.3300 handle and jump to a fresh session high.

Currently trading around 1.3320-25 band, the pair rebounded from a short-term ascending trend-channel support and is now challenging 50-day SMA immediate strong resistance, which if conquered should assist it to extend its recovery momentum.

On Monday, the pair was solely driven by sentiment surrounding the greenback amid increasing prospects of an eventual Fed rate-hike action. However, traders seem to trim USD bullish bets ahead of speech from Fed's Lael Brainard, considered as one of the most dovish FOMC members. 

Technical levels to watch

A follow through buying interest above 1.3330-35 resistance, leading to a subsequent strength above 1.3365 hurdle, would pave way for resumption of the prior appreciating move and help the pair to aim back towards reclaiming 1.3400 handle. 

On the flip side, weakness back below 1.3300 handle now seems to find support near 1.3260 below which the pair could be headed back towards retesting the ascending trend-channel support near 1.3235-30 area.