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GBP/USD has gained traction in the early American session and advanced toward the mid-1.2200s. The modest decline witnessed in the US April Producer Price Index (PPI) data seems to be causing the greenback to lose its appeal, helping GBP/USD rebound.
GBP/USD returned below the descending trend line coming from May 5 after having recovered above it on Wednesday. Additionally, the last four four-hour candles closed below the 20-period SMA, highlighting the increasing bearish pressure.
In case the pair fails to reclaim 1.2200 (psychological level, descending trend line), additional losses toward 1.2150 (static level from May 2020) and 1.2100 (May 15, 2020, low, psychological level) could be witnessed.
On the other hand, 1.2250 (for support, static level from June 2020) and 1.2300 (psychological level, 20-period SMA) align as the next recovery targets if buyers manage to lift the pair above 1.2200.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
