The Pound Sterling rallied early in the North American session, gaining more than 0.65% against the US Dollar after softer-than-expected data from the United States (US), which could spur the Federal Reserve to begin to ease policy faster than expected.
GBP/USD surges over 0.65% following disappointing US economic figures. Technical analysis indicates a potential upward movement if GBP/USD sustains a close near 1.2440, completing a 'morning star' pattern. Key resistances are ahead at 1.2500 and the 200-day moving average at 1.2565; downside risks persist below 1.2400. The Pound Sterling rallied early in the North American session, gaining more than 0.
However, if the major achieves a daily close around the 1.2440 area, that will complete a ‘morning star’ candlestick chart pattern, suggesting the pair could aim higher. In that event, the GBP/USD first resistance would be the 1.2500 psychological level. Once broken, further gains are seen, with the 200-day moving average up next at 1.2565, ahead of 1.2600. Key resistance levels emerge at the 50-DMA at 1.2628 and the 100-DMA at 1.2649.
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