GBP / USD price analysis: excluding key short-term resistance, swings around 1.2450
While backing away from a fortnight-old resistance, GBP / USD transactions close to 1.2450, currently around 1.2460, in the middle of the first part of Good Friday generally less liquid. Given the pair’s latest pullbacks, the chances of it falling on the immediate support line, around 1.2425, are much brighter. However, an SMA at 1,200 and 200 bar near 1.2355 will limit further declines in the pair.
Alternatively, an upward clearance from the March 27 high around 1.2485 could push buyers to target 50 and 200 day SMAs on the daily chart, respectively at 1.2560 and 1.2660.
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GBP / USD: approach to critical Fibonacci resistance at 1.2515
GBP / USD continued to advance to trade up to 1.2480 this Thursday. This advance can be attributed to investors who moved away from the greenback in search of high-yielding assets, and news that British Prime Minister Boris Johnson is responding to treatment and remains clinically stable, according to the latest official report. Later in the afternoon, it was reported that he had left intensive care.
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