GBP/USD Price Analysis: Pound bulls taking a breather after massive surge to 1.2400 handle

 

 

After hitting 1985 lows in March, GBP/USD is reversing up sharply while the spot trades below the main daily simple moving averages (SMAs). 

 

 

The pound is consolidating the recent massive gains as the market is trading above the 50 and 100 SMAs but below the 200 SMA. Buyers want a continuation of the strong upward move by breaking above the 1.2444/1.2500 resistance zone with the 1.2600 figure as potential interim target while support can emerge near the 1.2350, 1.2280 and 1.2130 price levels.