British Pound Sterling Price News and Forecast: GBP/USD is rebounding sharply from the 2020 lows
|GBP/USD Price Analysis: Pound recovery remains intact vs. US dollar
GBP/USD is consolidating the sharp rebound from the March lows while trading above the 1.2300 figure and the 50/100 SMAs on the four-hour chart but below the 200 SMA. Bulls are likely looking for more up especially on a break above the 1.2450/1.2500 price zone en route to the 1.2600 figure while support can emerge near the 1.2300, 1.2200 and 1.2100 price levels.
GBP/USD: Cable turning into a consolidation range [Video]
There has been a mix of signals on Cable in recent sessions which have clouded the near term outlook. The huge rally from the mid-March low of $1.1405 found resistance at $1.2485 and has since been broadly drifting lower with a negative bias. However, yesterday’s bullish outside day was a good fightback from the bulls. This move needs to be followed by another positive session today otherwise the impetus of the move will be lost. Coming into the European session, a small range, doji candle suggests a lack of conviction.
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