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2 Apr 2020
GBP/USD New York Price Forecast: Pound sidelined near 1.2400 figure
- GBP/USD bounced up sharply after reaching the 1985 lows in March.
- GBP/USD is consolidating the bullish run near the 1.2400 figure.
GBP/USD daily chart
After reaching 1985 lows in March, GBP/USD bounced up sharply while the quote trades now below the main daily simple moving averages (SMAs).
GBP/USD four-hour chart
GBP/USD is consolidating the recent surge as the spot is trading above the 50 and 100 SMAs but below its 200 SMA. Bulls need a continuation of the strong bullish move by breaking beyond the 1.2444/1.2500 resistance zone with the 1.2600 figure as an interim target while support can be found 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