GBP/USD maintains weekly gains near 1.2500

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  • The dollar ends a weekly positive streak across the board, although risk aversion prevails.
  • The pound shows signs of life and rebounds more than 200 pips.
  • GBP/USD could correct further considering the magnitude of the recent drop.

The GBP/USD moves sideways on Friday, consolidating slightly below 1.2500. The pair held steady even as stocks on Wall Street turned negative. Risk aversion offers no boost to the dollar.

The pound rose against the dollar for the first time in five weeks, while recovering from the lowest level in almost two years and after a drop of 900 pips. The main trend remains down for GBP/USD. The pair moved away from the lows of the year showing signs of a temporary bottom. The recovery seems to have room for manoeuvre, especially if financial tensions in world markets ease.

technical perspective

The GBP/USD pair tested the resistance at 1.2540, where the 23.6% Fibonacci retracement of the downtrend started in late March is located, before entering a consolidation phase on Friday, said Dwani Mehta, an analyst at FXStreet. “On a bullish note, the pair managed to close above the 21 DMA for the first time since March 22 and the RSI on the daily chart rose to 50.”

According to Mehta, should 1.2450 hold as short-term support, GBP/USD could test 1.2540 and target 1.2630 as the next upside target. “A daily close above the latter could attract buyers and open the door for further gains towards 1.2750 (Fibonacci retracement 38.2%)”.

Technical levels

GBP/USD

Panorama
Last Price Today 1.2464
Today’s Daily Change -0.0002
Today’s Daily Change % -0.02
Today’s Daily Opening 1.2466
Trends
20 Daily SMA 1.2453
50 Daily SMA 1.2839
100 Daily SMA 1.3167
200 Daily SMA 1.3368
levels
Previous Daily High 1.2525
Previous Daily Minimum 1.2337
Previous Maximum Weekly 1.2406
Previous Weekly Minimum 1.2155
Monthly Prior Maximum 1.3167
Previous Monthly Minimum 1.2411
Daily Fibonacci 38.2% 1.2453
Daily Fibonacci 61.8% 1.2409
Daily Pivot Point S1 1.2361
Daily Pivot Point S2 1.2256
Daily Pivot Point S3 1.2174
Daily Pivot Point R1 1.2548
Daily Pivot Point R2 1,263
Daily Pivot Point R3 1.2736

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Source: Fx Street

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