GBP/USD Price Analysis: 1.2445/50 resistance confluence regains market attention
GBP/USD bulls catch a breather around the weekly top while trading near 1.2400 amid the early Asian session on Wednesday. The Cable printed heavy gains to cross 61.8% Fibonacci retracement of May-June upside the previous day.
Considering the quote’s sustained break above the key Fibonacci retracement, it becomes capable to overcome the immediate resistance line, at 1.2410 now. However, the 1.2445/50 area comprising 50% Fibonacci retracement and key EMAs will challenge the pair’s further upside.
GBP/USD Forecast: Recovery stalled ahead of 1.2400
The GBP/USD pair recovered some ground after reaching a monthly low on Monday, ending the day around the 1.2380 level. The advance was pure dollar’s weakness, as UK data was worse than expected while Brexit talks were tense. The UK Q1 GDP was revised to -2.2% from 2.0%, while Business Investment in the same quarter was down by 0.3%. The Current Account in the three months to March posted a deficit of £-21.1 B much worse than the expected £-15.
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