Hence, the quote’s latest rebound remains elusive unless it stays below the 10-DMA hurdle of 1.2405.
Even if the GBP/USD buyers manage to cross the 1.2405 resistance, a four-month-old horizontal line and previous support trend line stretched from mid-March, respectively near 1.2445 and 1.2510, could challenge the pair’s further upside.
It’s worth noting that the latest multi-month high of 1.2525, marked the last week, also acts as an extra upside filter to watch for Cable buyers.
On the flip side, the aforementioned support line stretched from March 24, close to 1.2355, restricts the immediate downside of the GBP/USD pair, a break of which could quickly drag the quote towards 1.2300 and then to February’s high of near 1.2270.
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