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  • GBP/USD is starting the week quietly while holding onto gains. 
  • The level to beat for bulls is the 1.200 level. 

GBP/USD daily chart

After dropping to 1985 lows in March, GBP/USD is bouncing sharply while the quote remains below the main simple moving averages (SMAs) on the daily chart. The cable is also trading in one-month highs near the 1.2500 figure.

GBP/USD four-hour chart

Cable is trading above its main SMAs on the four-hour chart suggesting bullish momentum in the medium-term. Bulls would be on the lookout for a continuation up and a break beyond the 1.2600 figure en route towards the 1.2700 and 1.2800 levels. Conversely, support can be expected near the 1.2500, 1.2400 and 1.2300 figures on any pullback down. 
Resistance: 1.2500, 1.2600, 1.2800
Support: 1.2400, 1.2300, 1.2200

Additional key levels