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Pound holds above 1.2400 figure vs. US dollar, bullish

  • GBP/USD bullish recovery stays intact as the spot holds above the 1.2400 figure.
  • The level to beat for bulls the 1.2400 resistance. 

 

GBP/USD daily chart

 

The recent recovery remains intact as the quote is consolidating above the 1.2300 figure but below its main SMAs on the daily chart.

 

GBP/USD four-hour chart

 

GBP/USD is trading above its main SMAs on the four-hour chart as the market formed a strong base in April. This week bulls will be looking for a break above the 1.2500 figure en route towards the 1.2600 and 1.2700 levels. On the flip side, support is expected to emerge near 1.2400 and 1.2300 levels.  

 

 

Resistance: 1.2500, 1.2600, 1.2700

Support: 1.2400, 1.2300, 1.2200

 

  

Additional key levels

 

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