GBP/USD: Bulls eyeing a break above 20-DMA

The GBP/USD pair is seen fluctuating between gains and losses around the mid-point of 1.24 handle over the last hour, after having found some support near 1.2430 region.

GBP/USD awaits UK GDP

The GPB bulls appears to have picked-up significant strength over the last few hours, now pushing the GBP/USD pair back towards daily highs previously posted at 1.2454, where 20-DMA intersects.

The cable extends its recovery mode as we head into mid-Asian trades, in wake of renewed weakness seen around the greenback versus its main competitors, after the USD bulls ran into resistance placed near 102 handle.

Moreover, persisting risk-on moods amid higher Asian indices and global yields also offer some support to the GBP/USD pair. The major now trades almost unchanged at 1.2448 and eyes a break above 20-DMA barrier for further upside ahead of the UK second estimate GDP report due later in the European session today.

GBP/USD Levels to consider            

The pair finds immediate resistances placed 1.2500 (daily R1), 1.2514 (Nov 21 & 22 high) and 1.2551 (daily R2). While supports are lined up at 1.2412 (50-DMA) and 1.2381 (Nov 22 low) and below that at 1.2308 (Nov 21 low).

To learn more about this topic, check our video analysis