The Pound Sterling (GBP) aims to extend its recovery above the one-week high of 1.2660 in Thursday’s London session.
The Pound Sterling capitalizes on risk-on mood and rises to 1.2660. UK’s upbeat Manufacturing PMI data and increasing home prices suggest that the recession in the second half of 2023 was shallow. The US NFP data will guide the next move in the US Dollar. The Pound Sterling aims to extend its recovery above the one-week high of 1.2660 in Thursday’s London session.
Technical Analysis: Pound Sterling rises to weekly high near 1.2660 The Pound Sterling rebounds to a one-week high near 1.2660 after discovering buying interest from a six-week low of 1.2540. The GBP/USD pair continues its winning spell for the third trading session on Thursday. Cable bulls respected the 200-day Exponential Moving Average at 1.2566. The 20-day EMA near 1.2660 could act as a strong barrier ahead. On a broader time frame, the horizontal support from December 8 low at 1.
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