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GBP/USD extends Friday’s recovery gains from 1.2438 to near the 1.25 level as Monday’s 4-hour chart is showing bulls have an advantage, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD is trading above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart and momentum is to the upside. However, it has been setting lower highs in recent days, taking some of the sting out of the bullish case.”

“Resistance awaits at the daily high of 1.2510, followed by 1.2550, a peak in late June. The next levels to watch are 1.2620 or 1.2680.”

“Support is at 1.2440, a low point on Friday, followed by 1.24, a round number that also capped cable last week.”