GBP/USD Price Analysis: Pound dips and stabilizes around mid-1.2400s

 

 

The recovery from mid-March remains intact as the spot consolidates above the 1.2300 figure but below the main SMAs on the daily chart.

 

 

GBP/USD is trading above the main SMAs on the four-hour chart as the spot formed a convincing base in April. Although GBP/USD dipped slightly this Tuesday, bulls are still likely to be looking for a break above the 1.2500 figure en route towards the 1.2600 and 1.2700 levels. Conversely, support is can be seen near 1.2400 and 1.2300 levels.