The Pound Sterling (GBP) exhibits strength above the psychological support of 1.2500 against the US Dollar (USD) in Monday’s London session.
The Pound Sterling holds gains above 1.2500 inspired by strong UK Q1 GDP data. The UK economy expanded by 0.6%, moving out of the recession seen in the second half of 2023. Investors await UK employment and US inflation data for fresh guidance. The Pound Sterling exhibits strength above the psychological support of 1.2500 against the US Dollar in Monday’s London session.
Technical Analysis: Pound Sterling recovers from 50% Fibo retracement around 1.2470 The Pound Sterling advances to 1.2540 on Monday due to multiple tailwinds. The GBP/USD pair recovered sharply from 50% Fibonacci retracement near 1.2470. The Cable remains sticky to the 20-day Exponential Moving Average , which trades around 1.2520, suggesting a sideways trend. The pair is still below the neckline of the Head and Shoulder chart pattern formed on a daily timeframe.
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