GBP/USD awaits further direction to extend recoveries from 1.2160/65. Candlestick formation suggests the fight between the buyers and sellers after three-day losing streak the last week. 50-day SMA guards near-term upside, sellers can aim for fresh monthly low. GBP/USD takes the bids to 1.2195 during the initial Asian session on Tuesday. The pair formed a bullish “spinning top” candlestick on the daily chart the previous day after consecutive three days of downside. While the candlestick formation portrays the struggle between the buyers and the sellers, 50-day SMA keeps the quote’s near-term upside guarded. As a result, the current recovery moves may initially aim for a 50-day SMA level of 1.2275 ahead of targeting 1.2300 mark comprising high of May 19. Should the bulls manage to keep the reins beyond 1.2300, May 08 top near 1.2470 and 1.2500 round-figure could return to the charts. On the downside, pair’s declines below Friday’s low of 1.2162 can recall the bears targeting to refresh the monthly bottom below 1.2075. GBP/USD daily chart Trend: Further recovery expected 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’s congress official proposes a blockchain development fund FX Street 3 years GBP/USD awaits further direction to extend recoveries from 1.2160/65. Candlestick formation suggests the fight between the buyers and sellers after three-day losing streak the last week. 50-day SMA guards near-term upside, sellers can aim for fresh monthly low. GBP/USD takes the bids to 1.2195 during the initial Asian session on Tuesday. The pair formed a bullish “spinning top” candlestick on the daily chart the previous day after consecutive three days of downside. While the candlestick formation portrays the struggle between the buyers and the sellers, 50-day SMA keeps the quote’s near-term upside guarded. As a result, the current recovery moves… 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.
