- GBP/USD bullish recovery remains intact on the second day of the week.
- The level to beat for buyers is the 1.2600 resistance.
GBP/USD daily chart
Following the drop to 1985 lows in March, GBP/USD is rebounding sharply while the quote remains below the 100/200 simple moving averages (SMAs) on the daily chart but challenging the 50 SMA. The cable is also trading in one-month highs while nearing the 1.2600 figure.
GBP/USD four-hour chart
The cable is evolving above its main SMAs on the four-hour chart suggesting an upward momentum in the medium-term. The spot is nearing the 1.2600 figure, which, if broken to the upside could introduce scope to further advances towards the 1.2700 and 1.2800 levels. On the flip side, support can emerge near the 1.2500, 1.2400 and 1.2300 figures on any retracement down.
Resistance: 1.2600, 1.2700, 1.2800
Support: 1.2500, 1.2400, 1.2300
Additional key levels
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