- Analytics
- News and Tools
- Market News
- GBP/USD needs to clear the 1.2250 hurdle to extend its recovery
GBP/USD needs to clear the 1.2250 hurdle to extend its recovery
GBP/USD has stabilized above 1.22. The pair, however, faces stiff resistance at 1.2250 and it might find it difficult to gather bullish momentum in case that level stays intact, FXStreet’s Eren Sengezer reports.
Cable needs to clear 1.2250 to stretch recovery
“The University of Michigan's preliminary Consumer Sentiment Index for May will be featured in the US economic docket. If the upbeat market mood remains intact after this data, the US Dollar Index could extend its downward correction and help GBP/USD edge higher.”
“GBP/USD stays below the descending trend line coming from May 5, which forms the first resistance at 1.2250. The 20-period SMA is reinforcing that level as well. In case the pair rises above that hurdle and starts using it as support, it could target 1.23 (psychological level, static level) and 1.2350 (static level, 50-period SMA).”
“A four-hour close below 1.22 (psychological level, static level) could attract sellers and open the door for another leg lower toward 1.2150 (static level from May 2020) and 1.21 (May 15, 2020, low, psychological level).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
