GBP/USD: Next short-term resistance is located at 1.2360

GBP/USD has gained traction early Monday. As FXStreet’s Eren Sengezer notes, the pair faces next hurdle at 1.2360.

1.2280 aligns as first support

“GBP/USD is facing next resistance at 1.2360, where the Fibonacci 61.8% retracement of the latest downtrend is located. In case the pair manages to clear that hurdle, it could target 1.2400 (200-period SMA on the four-hour chart) and 1.2460 (static level, former support).”

“On the flip side, 1.2280 (Fibonacci 50% retracement) aligns as first support before 1.2250 (50-period SMA) and 1.2200 (Fibonacci 38.2% retracement).”

See: GBP/USD could edge up to the recent highs at 1.24 – ING