GBP/USD moves higher

Source: Dukascopy Bank SA
GBP/USD saw a slight recovery from the 1.2200 price level, moving closer to 1.2700.

Economic Calendar


Elevated levels of volatility should be anticipated, considering the economic data related to Britain's retail sales and U.S. jobless claims will be published.

GBP/USD hourly chart analysis

The FX pair is currently trading around the 1.2600 price level, with a move towards 1.2700 having a high probability. A move towards 1.2400 may occur if the simple moving average levels are broken.

Hourly Chart

GBP/USD daily candle chart analysis

Recovery from 1.21000 may be considered an inflection point for the FX pair. 1.31000 could be considered a long-term bullish trade target. If bearishness occurs, the price level of 1.21000 could be seen as the first level of support, which may be tested once more.

Daily chart


Traders are long
Continuing trend from previous week, majority of traders expect a bullish recovery of the FX pair, driven by positive economic data or improving market conditions. This could lead to buying pressure and a move toward key resistance levels.




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