GBP/USD Holds Above 1.2600 Amid Thin Trading Conditions
GBP/USD is trading near the 1.2600 level, sustaining its recovery post the mixed U.S. PMI data on Black Friday. The pair is strengthened by a weaker U.S. Dollar and robust UK PMI data released on Thursday. Thin trading conditions may amplify GBP/USD price action. The Relative Strength Index (RSI) on the 4-hour chart comfortably stays above 50 on Friday, and GBP/USD continues to trade above the 20-period Simple Moving Average (SMA), reflecting a short-term uptrend.
The level at 1.2550 (static level) is marked as a pivot point. After confirming this level as support, GBP/USD could target 1.2600 (50% Fibonacci retracement level of the downtrend from July to October) and 1.2670 (static level from August).
On the flip side, 1.2525 (upper limit of the ascending regression channel) may be considered the first support level, followed by 1.2500 (psychological level) and 1.2450 (static level).
The level at 1.2550 (static level) is marked as a pivot point. After confirming this level as support, GBP/USD could target 1.2600 (50% Fibonacci retracement level of the downtrend from July to October) and 1.2670 (static level from August).
On the flip side, 1.2525 (upper limit of the ascending regression channel) may be considered the first support level, followed by 1.2500 (psychological level) and 1.2450 (static level).
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