Technical Analysis: GBPUSD clears three-month-old resistance to pierce 1.2400

Having breached a downward sloping trend line from early-March, GBPUSD rises to three-week high above 1.2400. Considering the ability to cross key resistance line, now support, the buyers are currently targeting 50% Fibonacci retracement level of December 2019 to March 2020 fall, near 1.2460, ahead of confronting 100-day EMA surrounding 1.2490. In a case where the bulls keep the helm above 1.2490, April month high near 1.2640 could gain the market's attention.

Should sellers manage to drag the quote below the resistance-turned-support line of 1.2320 daily, an ascending trend line from March 20, around 1.2240/35, could question further downside. However, a daily closing below 1.2235 will be the key as it will fetch the quote to May month low near 1.2075.

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