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GBP/USD will recover as long as it remains supported by 1.2050

The GBP/USD has reversed its direction after testing 1.2000 earlier in the day. Pair could extend recovery if 1.2050 support holds, reports eren sengezer from FXStreet.

GBP/USD could test 1.2000 if sellers turn 1.2050 into resistance

“Should the market mood improve and Wall Street’s major indices rise decisively after Wednesday’s decline, GBP/USD could pick up momentum and stretch higher and vice versa.”

“GBP/USD was last seen trading above 1.2050. As long as this level holds, further gains could be seen towards 1.2100 (Fibonacci 38.2% retracement) and 1.2130 (100-period SMA) and 1.2175 (23.6 retracement). %Fibonacci).”

“To the downside, GBP/USD could test 1.2000 (daily low, psychological level, 61.8% Fibonacci retracement) if sellers turn 1.2050 into resistance. Below 1.2000, 1.1940 (static level) could be seen as the next downside target.”

Source: Fx Street

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