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.
|Today last price||1.2319|
|Today Daily Change||-0.0016|
|Today Daily Change %||-0.13|
|Today daily open||1.2335|
|Previous Daily High||1.2414|
|Previous Daily Low||1.2263|
|Previous Weekly High||1.2436|
|Previous Weekly Low||1.2169|
|Previous Monthly High||1.2447|
|Previous Monthly Low||1.1992|
|Daily Fibonacci 38.2%||1.2321|
|Daily Fibonacci 61.8%||1.2356|
|Daily Pivot Point S1||1.2261|
|Daily Pivot Point S2||1.2187|
|Daily Pivot Point S3||1.211|
|Daily Pivot Point R1||1.2412|
|Daily Pivot Point R2||1.2488|
|Daily Pivot Point R3||1.2562|
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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