GBP/USD Technical Analysis: bull run may run out of gas ahead of quiet UK session

• Sterling recovery beginning to stall out at the top of the current bull channel.
• Hourly MCAD, Stochastics are beginning to turn bearish in overbought territory.
• Upcoming London session has little GBP data to spur on a continuation, could see a correction back into lower channel boundary.

GBP/USD Chart, 1-Hour

Spot rate: 1.3401
Relative change: 0.15%
High: 1.3416
Low: 1.3375

Trend: Bullish

Support 1: 1.3375 (day's low)
Support 2: 1.3300 (major psychological level)
Support 3: 1.3253 (June 1st low)

Resistance 1: 1.3421 (June 24th swing high)
Resistance 2: 1.3490 (two-week high)
Resistance 3: 1.3540 (R3 1-Day pivot)