During
yesterday’s session the pound marked modest increase against the US dollar. The
session closed just 29 pips higher and pinned an intraday high at 1.2135. Given
the fact that yesterday’s performance was corrective recovery, bulls seen back
today was expected even slightly pressured.
As it is
clearly seen on the H4 chart, the pair is modestly uptrending and pushing above
the 20-day simple moving average. The pair is advancing from 1.2200 to 1.2300.
RSI is located in the positive area, but although is showing lack of strong
upward momentum.
Support is
located at 1.2120 and 1.1950. Looking upwards first resistance is lying on
1.2300 and currently is being tested. Next resistance is seen at 1.2460 and
1.2790.
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