GBP/USD Price Analysis: Pound trading off one-month highs near 1.2500 level

 

GBP/USD is consolidating the recent bullish recovery while rejecting the 1.2600 figure and the 200 SMA on the daily chart. 

 

 

GBP/USD is trading above the main SMAs on the four-hour chart suggesting a bullish bias in the medium-term. The spot is hovering around the 1.2500 figure as the market retains the bullishness still printing higher highs and lows. In fact, buyers are looking for a daily close above the 1.2600 figure en route to the 1.2700 and 1.2800 levels. On the flip side, support can emerge near the 1.2500 and 1.2400 level near the 50/200 SMAs.