GBP/USD price analysis: Bulls anticipate 200 DMA/ascending channel confluence move

The intraday decline in the GBP/USD is reversed as intense selling of the USD begins to take place. Spot prices continue to trade below a crucial 200-day SMA and lack bullish confidence. The mentioned obstacle is a turning point since it lines up with increasing channel resistance.

On Monday, the GBP/USD pair drew some buying in the 1.2025 area but could not take advantage of the little intraday increase. Throughout the early North American session, the pair oscillates between modest gains and losses, and it currently seems to have reached equilibrium around the 1.2060 level.

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