GBP/USD remains on the defensive near 1.2530 even as it renews the intraday high ahead of the all-important UK Gross Domestic Product (GDP) data early Friday. Not only positioning ahead of the data, but optimistic market expectations and fears of a positive surprise also allowed the Pound to ease its recent losses.
GBP/USD trades near the lower limit of the ascending retracement channel, currently at 1.2560. The 50-period simple moving average (SMA) also consolidated that support. In the event that the pair confirms it as resistance, then 1.2530 (100-period SMA) would align with the next downside target ahead of 1.2510 (psychological level, static level) and 1.2450 ( 200 period SMA).
On the other hand, 1.2680 (static level) forms temporary resistance ahead of 1.2670 (midpoint of ascending retracement channel). A close above the four-hour close could attract buyers and prompt another move higher towards 1.2710.
GBPUSD
GBP/USD trades near the lower limit of the ascending retracement channel, currently at 1.2560. The 50-period simple moving average (SMA) also consolidated that support. In the event that the pair confirms it as resistance, then 1.2530 (100-period SMA) would align with the next downside target ahead of 1.2510 (psychological level, static level) and 1.2450 ( 200 period SMA).
On the other hand, 1.2680 (static level) forms temporary resistance ahead of 1.2670 (midpoint of ascending retracement channel). A close above the four-hour close could attract buyers and prompt another move higher towards 1.2710.
GBPUSD
