GBP/USD Price Analysis: Pound rebounds from session lows, trades near 1.2500 figure

 

 

GBP/USD is dipping down while rejecting the 1.2600 figure and the 200 SMA on the daily chart. 

 

 

The cable is trading above its main SMAs on the four-hour chart suggesting a positive bias in the medium-term. The spot is bouncing from the 1.2500 figure as the market retains its bullishness still making higher highs and lows. However, bulls would need a daily close above the 1.2600 figure en route to the 1.2700 and 1.2800 levels on the way up. On the flip side, support is expected to emerge near the 1.2500 and 1.2400 level near the 50/200 SMAs.