The GBP/USD pair has attempted a recovery after a marginal correction to near 1.2400 in the Tokyo session. The Cable resisted further correction as hawkish Federal Reserve (Fed) bets inspired by upbeat oil prices have receded significantly. All credit goes to weaker-than-anticipated United States ISM Manufacturing PMI data, which has deepened fears of recession.
S&P500 futures have recovered some of the losses registered in the Asian session, indicating a recovery in the risk appetite of the market participants. The US Dollar Index (DXY) is facing barricades in extending its recovery above 102.20 amid an absence of support from the economic indicators.
GBP/USD is gradually marching towards the horizontal resistance plotted from December 14 high at 1.2447 on a daily scale. Advancing 10-and 20-period Exponential Moving Averages (EMAs) at 1.2327 and 1.2257 respectively indicate that the upside momentum is extremely solid.
The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00. The momentum oscillator is not showing any sign of divergence or overbought situation, bolstering the upside bias.
A decisive move above December 14 high at 1.2447 will expose the asset to the psychological resistance at 1.2500 followed by June 08 high around 1.2600.
In an alternate scenario, a break below March 23 low at 1.2261 will accelerate the downside in the Cable toward the round-level support at 1.2200 and March 10 high at 1.2113.
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