Pound bulls taking a breather after massive surge to 1.2400 handle

  • GBP/USD reversed up sharply after hitting the 1985 lows in March. 
  • GBP/USD is consolidating the massive gains near 1.2400 figure.

 

GBP/USD daily chart

 

After hitting 1985 lows in March, GBP/USD is reversing up sharply while the spot trades below the main daily simple moving averages (SMAs). 

 

GBP/USD four-hour chart

 

The pound is consolidating the recent massive gains as the market is trading above the 50 and 100 SMAs but below the 200 SMA. Buyers want a continuation of the strong upward move by breaking above the 1.2444/1.2500 resistance zone with the 1.2600 figure as potential interim target while support can emerge near the 1.2350, 1.2280 and 1.2130 price levels.

 

 

Resistance: 1.2444, 1.2500, 1.2600

Support: 1.2350, 1.2280, 1.2130

 

  

Additional key levels