GBP/USD technical analysis

Cable holding on to gains, trading above the 38.2% retracement of the latest daily decline at around 1.2220 now the immediate support. In the 4 hours chart, the pair has soared past its 20 and 100 SMA, while the 200 SMA maintains a bearish slope, now converging with the 50% retracement of the same decline at around 1.2385 reinforcing the static resistance level.

Resistance levels: 1.2285 1.2310 1.2350

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