Pound Sterling Price News and Forecast: GBPUSD has is looking to surpass 1.2350 after a recovery move

FXStreet Team FXStreet

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

Overview
Today last price	1.2319
Today Daily Change	-0.0016
Today Daily Change %	-0.13
Today daily open	1.2335

Trends
Daily SMA20	1.2174
Daily SMA50	1.2132
Daily SMA100	1.1741
Daily SMA200	1.1972

Levels
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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