GBP/USD Technical Analysis: 5-day MA support may be put to test

• GBP/USD snapped a five-day winning run on Friday,
• RSI's above-70 reading gained credence with Friday's drop. 
• A pullback to the 5- day average support could be seen. 

GBP/USD is currently trading at 1.3145, representing a 0.10% gain on the day. 

The pair fell 0.19% on Friday, snapping the five-day winning streak. 

Friday's drop also validated the overbought or above-70 reading on the 14-day relative strength index (RSI). 

As a result, a pullback, possibly to the 5-day moving average (MA) support at 1.3106, could be in the offing. A bounce from the 5-day MA could yield a convincing move above Friday's high of 1.3165. 

Prime Minister Boris Johnson's Conservative Party has extended its lead over the Labour Party to 14 percentage points from 9 percentage points seen a week ago, according to an opinion poll by Survation for ITV. 

So, a strong bounce from the 5-day MA cannot be ruled out. 

Daily chart

Trend: Pullback likely

Technical levels