GBP/USD Rally Seems Unstoppable, Dips Likely Supported

Looking at the GBP/USD 4-hours chart, the pair traded as high as 1.2731 and settled well above both the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours). Recently, there was a minor downside correction below 1.2700. There was a break below the 23.6% Fib retracement level of the upward move from the 1.2500 low to 1.2731 high. On the downside, there is a decent support forming near the 1.2600 area. There is also a major bullish trend line forming with support near 1.2600 on the same chart. The trend line is close to the 50% Fib retracement level of the upward move from the 1.2500 low to 1.2731 high. Therefore, dips are likely to find a strong buying interest near 1.2600. Any further losses may perhaps push GBP/USD towards the 1.2550 support. On the upside, there is a key barrier forming near the 1.2700-1.2720 zone. A successful close above 1.2720 could open the doors for a large upward move.

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