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5 May 2020
GBP/USD New York Price Forecast: Cable holds on above 1.2400 figure vs. US dollar
- GBP/USD bullish recovery from March remains for now intact.
- GBP/USD faces an important resistance near 1.2500 figure.
GBP/USD daily chart
GBP/USD consolidates in the 1.2200/1.2600 zone while trading below the 100/200 SMAs on the daily chart but just above the 50 SMA. The recent boost in the greenback is affecting the GBP/USD currency pair.
GBP/USD four-hour chart
GBP/USD found support near 1.2400 and the 50/100 SMAs. Bulls want a continuation of the bullish recovery started mid-March and a break above the 1.2500 figure en route towards the 1.2600 and 1.2700 levels. On the flip side, a daily close below 1.2400 can attract further selling and a drop towards the 1.2300 level.
Resistance: 1.2500, 1.2600, 1.2700
Support: 1.2400, 1.2300, 1.2165
Additional key levels