GBP/USD Price Analysis: Pound recovery remains intact vs. US dollar

 

 

After sinking to 1985 lows in March, GBP/USD is bouncing sharply while the quote remains below its main simple moving averages (SMAs) on the daily chart.

 

 

GBP/USD is consolidating the sharp rebound from the March lows while trading above the 1.2300 figure and the 50/100 SMAs on the four-hour chart but below the 200 SMA. Bulls are likely looking for more up especially on a break above the 1.2450/1.2500 price zone en route to the 1.2600 figure while support can emerge near the 1.2300, 1.2200 and 1.2100 price levels.