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As we head into the US holidays, the pound is solid against the 200-1hr SMA at 1.3193 and just of day's highs at 1.3207 with the DXY on the backfoot between the range of 94.5620-94.9780, -0.28% at 1.3192. GBP/USD is ending the North American session +0.23% with a range of 1.3116-1.3207 with a hawkish BoE's Saunders eyeing gradual hikes, adding that U.K. policymakers may need to hike rates faster.

The 2018 lows have been well supported at 1.3050 as the pair climbs higher within the descending channel eyeing resistances at 1.315, 1.3276 21-DMA, 1.3315 Jun 22 high and the 1.3331 weekly cloud top. To the downside, the 1.3000's are open below the 1.3040/50 levels, where the Nov 3 low is located. Deeper, eyes will turn to the 1.29 level. On the flipside, a much wider 1.3461 (50-D SMA)/80 comes before the convergence of the 200-D SMA and 1.3597/1.3600 convergence comes as the upside target.

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