Pound Sterling Price News and Forecast: GBPUSD has is looking to surpass 1.2350 after a recovery move
|GBP/USD aims to paddle beyond 1.2350 after a V-shape recovery, US GDP in focus
The GBP/USD pair is looking to extend its recovery move above the immediate resistance of 1.2340 in the early Tokyo session. The Cable delivered a V-shape recovery on Tuesday after S&P reported better-than-projected preliminary United States PMI data (Jan). It seems that the street was expecting an upbeat performance and therefore supporting the US Dollar Index (DXY) earlier.
GBP/USD should drop towards the 1.2320 level
Looking at GBPUSD’s chart, we can see that GBPUSD regained ground, and consequently traded above the level of $1.24. Today, the FX pair could rest its resistance level at around $1.2420-1.2435, but if it is unable to break through it, then it should drop towards its support level which is located at around $1.2320.
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