GBP/USD Price Analysis: Pound recovery remains intact vs. US dollar

GBP/USD is rebounding sharply from the 2020 lows.
GBP/USD recovery remains intact as the market is headed towards the 1.2500 handle.

Flavio Tosti Independent Analyst

GBP/USD daily chart

After sinking to 1985 lows in March, GBP/USD is bouncing sharply while the quote remains below its main simple moving averages (SMAs) on the daily chart.

GBP/USD four-hour chart

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.

Resistance:1.2450, 1.2500, 1.2600

Support: 1.2300, 1.2200, 1.2100

Additional key levels

GBP/USD

Overview
Today last price	1.2404
Today Daily Change	0.0072
Today Daily Change %	0.58
Today daily open	1.2332

Trends
Daily SMA20	1.215
Daily SMA50	1.2637
Daily SMA100	1.2849
Daily SMA200	1.2658

Levels
Previous Daily High	1.2385
Previous Daily Low	1.2165
Previous Weekly High	1.2476
Previous Weekly Low	1.2205
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2301
Daily Fibonacci 61.8%	1.2249
Daily Pivot Point S1	1.2204
Daily Pivot Point S2	1.2075
Daily Pivot Point S3	1.1984
Daily Pivot Point R1	1.2423
Daily Pivot Point R2	1.2513
Daily Pivot Point R3	1.2642

Author

Flavio Tosti

Independent Analyst

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