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MTrading Team • 2023-04-25

GBPUSD portrays bullish consolidation above 1.2400

GBPUSD portrays bullish consolidation above 1.2400

GBPUSD buyers appear running out of steam as it wavers inside a three-week-old trading range. Even so, the Cable pair’s successful trading above the 11-month-old descending trend line close to 1.2320 at the latest, as well as beyond an upward-sloping trend line since the last September, keeps the buyers hopeful. Adding strength to the shorter ascending trend line support is the 50-DMA level surrounding 1.2210. Even if the quote breaks the 1.2210 support confluence, the 1.2200 round figure and the 1.2000 psychological magnet can challenge the pair sellers ahead of highlighting the 200-DMA support of around 1.1970.

Meanwhile, the latest multi-month high of near 1.2550, marked earlier in April, stays on the GBPUSD buyer’s radar unless dropping below the 1.2320 support line mentioned above. Should the Cable pair remains firmer past 1.2550, the 1.2600 round figure may act as an intermediate halt before directing the quote toward the May 2022 peak of around 1.2665. In a case where the pair crosses the 1.2665 hurdle, the lows marked during early April 2022 near 1.2970-80 can test the bulls before directing them to the March 2022 bottom surrounding the 1.3000 round figure.

Overall, the GBPUSD pair remains firmer despite the latest consolidation.

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