- GBP/USD extends Thursday’s recovery gains, takes the bids towards 21-day SMA.
- A bullish candlestick formation, U-turn from short-term support line keep buyers hopeful.
GBP/USD takes the bids near 1.2395, intraday high of 1.2405, with 0.23% gains on a day, amid early Friday.
While taking a U-turn from the monthly support line, the Cable pair portrayed a Bullish Spinning Top candlestick on Thursday.
As a result, buyers are all set to challenge the 21-day SMA level of 1.2440.
Though, 61.8% Fibonacci retracement of March month fall and 200-day SMA, respectively near 1.2515 and 1.2660 can challenge the bulls afterward.
Alternatively, a daily closing below the previous day’s low of 1.2266 will defy the price-positive sentiment, which in turn can take rest at April 21 low near 1.2245 ahead of challenging the April month low close to 1.2165.
GBP/USD daily chart
Trend: Further upside expected
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