GBP/USD bounces off intraday low of 1.2308, extends the previous day’s recovery. 50-day EMA has been restricting the upside for the last 19 days. Short-term rising trend line keeps the bulls hopeful above 1.2240/35. The GBP/USD pair’s pullback from the intraday bottom fades upside momentum around 1.2320/25 amid Friday’s Asian session. Even so, the pair stays mildly positive for the second day in a row. While looking at the upward sloping trend line from May 18 and the RSI levels, the Cable is again likely to confront the 50-day EMA level of 1.2370. However, it’s further upside needs validation from May 08 high surrounding 1.2470. Alternatively, a daily close below the immediate support line, at 1.2235 now, might recall Friday’s low around 1.2160 ahead of targeting the monthly bottom near 1.2075. In a case where the GBP/USD prices decline below 1.2075, 1.2000 round-figure might entertain the bears before highlighting 61.8% Fibonacci retracement level of March-April upside, at 1.1883. GBP/USD daily chart Trend: Further upside likely FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China extends its anti-dumping investigation into Australian and Japanese chemical exports FX Street 3 years GBP/USD bounces off intraday low of 1.2308, extends the previous day’s recovery. 50-day EMA has been restricting the upside for the last 19 days. Short-term rising trend line keeps the bulls hopeful above 1.2240/35. The GBP/USD pair’s pullback from the intraday bottom fades upside momentum around 1.2320/25 amid Friday’s Asian session. Even so, the pair stays mildly positive for the second day in a row. While looking at the upward sloping trend line from May 18 and the RSI levels, the Cable is again likely to confront the 50-day EMA level of 1.2370. However, it’s further upside needs validation from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
