General overview
The pound strengthened on Thursday in the light of a strong Retail Sales report.
Current situation
The pound extended its gains on Thursday. Traders held the cable around 1.2500 the whole night flirting with the level. Bulls made another attempt to break through post London open. This attempt like the previous ones was unsuccessful. The price continued developing well above the moving averages in the 4 hours chart. The 50 and 100 EMAs pointed higher while the 200-EMA was neutral in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.
MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels.
Trading recommendations
If the cable manages to consolidate above the 1.2500 mark the next target for this pair is the resistance level of 1.2600.