GBPUSD Rebounds As Bulls Attempt to Make a Move Past 1.2500 Level

GBPUSD Price Analysis – April 19

The GBPUSD pair swiftly regained approximately 100 pips from weekly lows and somehow do seem to be swinging back past the 1.2500 marks to the top end of its daily trading range. However, the FX pair reached the peak in a month following hospital discharge of Prime Minister Boris Johnson and a lack of strength in the US dollar.

Key Levels
Resistance Levels: 1.3514, 1.3172, 1.2725
Support Levels: 1.2259, 1.1958, 1.1409

GBPUSD Long term Trend: Ranging

.Yet again, the pair triggered much dip-buying at the round-figure level of 12400, which most may now be a key critical level for near-term traders. Any potential push up may face significant resistance at the moving average of 5 beyond the 1.2500 marks, which could be seen as a new catalyst for bulls if removed.

Meanwhile, technical indicators on the daily chart retained their bullish bias and continued to gain some positive momentum again, some follow-through orders have the propensity to raise the pair back to the strong weekly range, around mid-12600s.

GBPUSD Short term Trend: Bullish

On the contrary, bears are expected to portend a steady break beneath near-term support level of 1.2412, under which the pair is projected to further intensify the fall towards the support area of 1.2350.

The downward path may be continued to test the next solid support around the 1.2259 horizontal regions well below the 1.2300 level. Towards certain consolidations next, initial bias stays neutral this week.

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