In the event of a bullish turnaround, the first ceiling to keep an eye on looms near 1.0790, followed by 1.0820, which corresponds to a medium-term downtrend line extended from the December 2023 highs. On further strength, bulls may feel emboldened to initiate an attack on the 50% Fibonacci retracement of the 2023 slump, located around 1.0865.’s path ahead? Dive into our second-quarter outlook for expert analysis and strategies.
On the flip side, if buyers stage a comeback and propel cable above its 200-day simple moving average, confluence resistance stretches from 1.2600 to 1.2630, where the 50-day simple moving average intersects with two important trendlines. Upside clearance of this barrier could inject optimism into the market and boost the pound further, creating the right environment for a rally towards 1.2720.
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