• GBP/USD's bull trend acceleration to 1.3422 Tuesday gave warning

• Coupled with overbought daily RSI argued for corrective action

• Can sometimes see a pick-up in price ahead of a pullback

• Tuesday's bear close at 1.3333 ended a 10-day unbroken bull run

• Early Wednesday action tested key support at 1.3233, 10-DMA line

• The average supporting the bulk of the recent bull trend

• Rebound away from the 10-DMA takes sterling to 1.3304: 1.3338 at the open

• Underlying up-move holding while above the 10-DMA and 1.3195 tenkan line
GBP/USD daily candle chart:

(Peter Stoneham is a Reuters market analyst. The views expressed are his own)