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GBP/USD Breaks Above 1.69 After Positive UK Data

The GBP/USD has been pulling back after a slide from 1.6997 to 1.6730. After some positive UK data during the 5/21 European session, GBP/USD pushed higher, breaking the 1.69 handle among other resistance factors, threatening bullish continuation.

UK retail sales impressed, and the BoE Meeting Minutes were seen as hawkish and the rate hike expectation is solidifying toward the first half of 2015.

(gbpusd 4h chart, 5/21)

GBP/USD pushed through some resistance factors:
1) 1.6873 resistance pivot, 1.69 psychological handle, 1.6913 resistance pivot.
2) 4H moving averages (200,100,50): Price popping above the moving averages suggest a return to the bullish mode.
3) 4H RSI 60: Shows lost of bearish momentum.

Traders seem to be defending 1.69 at the moment. At this point, if GBP/USD can stay north of 1.68, a support/resistance pivot, then the bullish continuation scenario remains. The 1.6990-1.70 level is likely retested, and the next resistance will be just above 1.70, around 1.7040, 2009-high.