GBP/USD Price Analysis: Ascending channel support, around 1.2135 holds the key for bulls – by hareshmenghani GBPUSD RiskAppetite Bonds Technical Analysis Currencies
The risk-on impulse - as depicted by a generally positive tone around the equity markets - undermines the safe-haven US dollar and offers some support to the GBP/USD pair. That said, a further rise in the US Treasury bond yields, bolstered by hawkish comments by severalThe GBP/USD pair, meanwhile, struggles to find acceptance above the 1.2200 round figure and remains at the mercy of the USD price dynamics.
Some follow-through selling below the latter would be seen as a fresh trigger for bearish traders and make the GBP/USD pair vulnerable. The downfall could then accelerate towards the 1.2030-1.2025 intermediate support en-route the 1.2000 psychological mark and the next relevant support near the 1.1975-1.1970 horizontal zone.
On the flip side, the 1.2200 mark now seems to act as an immediate hurdle, above which the GBP/USD could climb back to the 1.2250 resistance. Sustained strength beyond the latter should pave the way for an extension of the recent recovery from the lowest level since March 2020 and allow spot prices to aim to conquer the 1.2300 level.
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