GBP/USD surged in the US trading session, reaching its highest level since last Wednesday, surpassing the 1.2170 mark. The pair was bolstered by a weaker US Dollar on Monday, as market participants await US employment data along with Fed and BoE meetings. The Relative Strength Index (RSI) on the 4-hour chart remains below 50, and GBP/USD closed the last 4-hour candle just below the 20-period Simple Moving Average (SMA), indicating the downward trend still persists.
On the flip side, 1.2075 (a static level) is considered a temporary support before 1.2050 (the recent low point) and 1.2000 (a psychological level).
The 50-period SMA forms dynamic resistance at 1.2140, preceding 1.2180 (the 100-period SMA) and 1.2200 (the 23.6% Fibonacci retracement level, along with the 200-period SMA).
On the flip side, 1.2075 (a static level) is considered a temporary support before 1.2050 (the recent low point) and 1.2000 (a psychological level).
The 50-period SMA forms dynamic resistance at 1.2140, preceding 1.2180 (the 100-period SMA) and 1.2200 (the 23.6% Fibonacci retracement level, along with the 200-period SMA).
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