The GBP/USD pair holds positive ground near 1.2628, snapping the two-day losing streak on Monday.
GBP/USD trades in positive territory around 1.2628 in Monday’s early European session. The pair keeps the bearish outlook below the key EMA; RSI indicator lies below the 50 midlines. The first upside barrier is seen in the 1.2640–1.2645 region; 1.2610 acts as an initial support level. The modest recovery of the major pair is backed by the dovish comments from Federal Reserve Chairman Jerome Powell.
The first upside target for GBP/USD is seen near the confluence of the upper boundary of the Bollinger Band and the 50-period EMA at the 1.2640–1.2645 zone. A decisive break above the mentioned level will expose the 100-period EMA at 1.2671. Further north, the next hurdle is located at a high of March 18 at 1.2746, and finally the 1.2800 psychological level. On the flip side, the lower limit of the Bollinger Band at 1.2610 acts as an initial support level for the major pair.
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