GBP/USD saw an increase from the 20-day SMA to 1.2280 on Monday and is consolidating around 1.2275 in the early Asian trading session, supported by the ongoing weakness of the US Dollar. Attention is shifting towards employment data in the UK and crucial US CPI figures on Tuesday. The currency pair reversed its direction after testing the 1.2200 level, with an upward trending line, the 23.6% retracement of the latest downtrend, and the 200-period Simple Moving Average (SMA) on the 4-hour chart aligning, emphasizing the significance of the support level and the sellers' hesitation.
On the upside, GBP/USD faces immediate support at 1.2260 (SMA50) followed by 1.2300 (38.2% Fibonacci retracement) and 1.2340 (static level).
Support levels are set at 1.2200, 1.2140 (static), and 1.2100 (psychological level). What are your thoughts on this currency pair?
On the upside, GBP/USD faces immediate support at 1.2260 (SMA50) followed by 1.2300 (38.2% Fibonacci retracement) and 1.2340 (static level).
Support levels are set at 1.2200, 1.2140 (static), and 1.2100 (psychological level). What are your thoughts on this currency pair?
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